Other reports we prepare can be found here.
All in all, well over 100 media hits covering the report (that we know about, but who’s counting) without a formal press release. Apparently there is interest in the Manhattan housing market.
…At the close of the prior quarter, there was significant turmoil in the financial markets and unprecedented intervention by federal government agencies. The bailout of Fannie Mae, Freddie Mac and insurance giant AIG, the investor run on the money market Reserve Primary Fund and the bankruptcy of Lehman Brothers, marked a significant change in the Manhattan housing market as well as the US housing market. The fourth quarter was characterized by a sharp decline in contract activity and a downward correction in contract price levels. Sales contract activity showed evidence of a decline in activity of 40% to 75% compared to the same period last year. Contract price levels showed an average decline of 20% from August 2008. As a result of the 45-60 day lag between contract and closing date, a decline is anticipated in both the number of sales and closing price levels in the first quarter of 2009…
In 2005, I began posting the links of the coverage of each report to see how each media outlet reports the market using the exact same data. I find it to be an interesting way to look at how this information is interpreted and presented.
The media coverage of the report was provided here as they were released (in no particular order). The headlines selected below provide an interesting media perspective of the report contents since every outlet was working off the same information. I didn’t include all the wire stories from AP, Bloomberg or Reuters.
- Striking Declines Seen in Manhattan Real Estate Market [NY Times]
- Manhattan’s Sterling Real-Estate Market Begins to Tarnish [WSJ]
High End Loses Lustre [London Free Press]
- Razing the Roof [NYPost]
- Fourth quarter drop in Manhattan home prices breaks 10-year streak [The Real Deal]
- Manhattan apartment prices fall, will drop further [Reuters]
- More Confirmation Real Estate Market is Tanking [Gothamist]
- Manhattan Apartment Sales Drop for Fourth Quarter [Bloomberg]
- NYC real estate defies gravity – so far [CNN/Money]
- Manhattan sales down, prices up in Q4 [Inman]
- Fourth-Quarter Market Reports: The Reckoning Begins, Sort of [NY Mag]
- 4Q Manhattan Housing Reports: Where’s That Cliff Already? [NY Observer]
- With Apartment Prices Down, is it a Buyer’s Market? [WNYC]
- City Feels Housing Pinch [NY Daily News]
- Manhattan’s existing housing prices retreat [Crain’s]
- Manhattan housing up in 4Q, but luxury market down [AP/Businessweek]
- Manhattan property [Financial Times]
- Curbed IMterview: Jonathan Miller Dishes on Q4 Numbers [Curbed]
- Fourth Quarter Market Reports: Calm Before the Storm [Curbed]
- 4Q 08 Manhattan Market recap [CNBC Squawkbox]
- US Pending Home Sales and 4Q 08 Manhattan Market recap [Bloomberg TV]
- 4Q 08 Manhattan Market recap [Bloomberg Radio]
- 4Q 08 Manhattan Market recap [Fox News] will be on air on at 11:30am today with Brian Sullivan