Manhattan Real Estate Shows Signs of Cooling
The average price of a two-bedroom apartment in Manhattan is still well above a million dollars ($1.2 million, actually), but WCBS 880’s Marla Diamond reports that real estate market is showing signs of cooling.
But the bubble is far from bursting says Jonathan Miller, president of the real estate appraisal firm Miller/Samuel.
“It’s still a seller’s market, but the pendulum is closer to the middle than it was before,” he noted.
A modest uptick in mortgage rates and mixed economic news has Miller predicting a soft landing in 2006. But one area he expects to do well in the short term is the the luxury housing market.
