It finally happened! Maybe. Manhattan real-estate prices seem to finally be affected by the nationwide burst of the property bubble. Co-op and condo prices are down by 15 to 20 percent, according to a new survey out from the Federal Reserve. "Both residential and commercial real-estate markets have softened substantially since the last report, most notably in Manhattan," reads the report. The last survey was in mid-summer, which was before the foreclosures really started hitting the fan. Sales from the first three quarters of 2008 are also down about 28 percent from the previous year.
The Real Deal observes that some brokers are optimistic, thinking that the bottom was really at the end of last month. These real-estate agents say they've noticed an uptick in attendance at open houses. But we hate to break it to you guys: That's just poor people like us who know you're too desperate to kick us out when we come in to peep at fancy houses and eat free cheese.