The poor economy is dragging housing markets down across the country. Even the once impenetrable Manhattan real estate market is getting clobbered. Anyone looking to sell their place should try their damnedest to wait it out.That's the bad news.
The good news is that if you've been waiting for the right moment to pounce on Manhattan real estate, now is the time. It's a buyers market. The average price of apartments has fallen between 13-19 percent from last year, according to the Associated Press. The price of luxury apartments dropped even more, with some losing up to a quarter of their value. Yes, it still costs an arm and a leg to buy a place here, but before it cost more limbs than any non-mutant person has.
In fact, just last month there was an auction of foreclosed homes in Manhattan, a very rare phenomenon.
However, if you're just interested in renting a place in Manhattan, there's some good news for you, too. In an effort to attract buyers, many landlords are offering free amenities (like microwaves), waving the first month's rent and even covering the broker's fee. Also, there's room to take advantage of this climate even if you're just looking to renew your lease. This article in the Wall Street Journal shows you how to craft a letter to your landlord to reduce your rent.
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