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Manhattan After The Hoopla Over A 12.7% Drop: What Really Happened In 3Q 05?

After the release of our 3rd quarter Prudential Douglas Elliman Manhattan Market Overview [1] last Tuesday to the media and the frenzy of coverage [2] during the week as a result, the New York Times ran an excellent overview of the market story this weekend called A Mixed Message [NYT]. [3]

Since then, I have received many inquiries about the state of the market over the week from real estate brokers, wall street firms and lenders to interpret the statistics in the report that were played over and over in the media firestorm. Whats been fascinating about this whole experience is how much coverage was given to the average sales price statistic, which could not stand on its own without explanation. Hopefully I don’t sound too cynical but this stat was likely used because it showed the most negative result.

Here’s a quick list of the highlights of the current market that are most useful:

Here are a handful of all the interviews I did which basically re-iterate most of these points.


[Focus on Business (Canada)] [4]


[Bloomberg Television] [5]


[WCBS Channel 2] [6]


[WNYC Radio (Brian Leher Show)] [7]


[WNYC Radio] [8]


[Bloomberg Radio] [8]


[WCBS Radio] [9]