Manhattan real estate could fall another 30%?


Until very recently, Manhattan real estate had been a beacon of strength in an otherwise weak housing market.

But now sales volume has tanked and prices are starting to fall along with the rest of the country. The median sales price on high-end coops and condos has fallen 20% since it peaked in mid-2008 and it could get worse. Inventories are on the rise and sellers are slashing prices but still failing to find buyers.