The Times says, “Sharp Price Drops in Manhattan Apartments.” Regular Runnin’ Scared readers know what that means: the Times’ real target audience, rich people, are paying less now for their townmansions and gargantuaplexes — which doesn’t mean that you will. In fact, for you it will probably make things worse.
The Observer starkly lays it out like a death toll:
-21.4 percent from 2Q 2008 -18.5 percent
Prudential Douglas Elliman and Miller Samuel:
Average sales price: $1,312,920
Median sales price: $835,700
-21.4 percent from 2Q 2008
Makes you want to cry, doesn’t it? New condo sales are reported down 61.7 percent, and the median sales price for Manhattan properties has fallen 19 percent in a year — all the way down to $795,000.
There are two ways of looking at this. If you believe strongly in trickle-down economics, you may also believe that housing relief enjoyed by swells will eventually, through Reagan magic, devolve to you, too. Or you may consider that the well-to-do live in a Candyland where even historical recessions have their silver linings, and they will enjoy this high-end rent collapse as an ordinary person would enjoy unexpectedly finding a quarter behind the sofa-cushions. The rest of us, meanwhile, swirl screaming down the drain. Here’s a video of a realtor shilling an East 7th Street studio for $1,450. It has “freshly-painted walls,” he tells us, and a “loft area” (i.e., a shelf over the bathroom). Think he’s worried?