☞ READ: Harlem Real Estate

The above picture is of Harlem born celebrity, Harry Belafonte's 14 room apartment, which encapsulates the downward Manhattan real estate market in today's New York Times. The trend now is for affordable, smaller but livable apartments with low maintenance. A friend downtown once expounded that he had low maintenance for his building at around $800 a month and that seemed high since Harlem buildings usually were around half of that. The Belafonte sprawling apartment was bought by a woman who ended up reducing her asking price by 46% and having to convert it back to two smaller apartments. So going from $14 million to around $7 million. Experts advise that this downward trend will be for about five years as per the last cycle in the early 1990's.

Condo downward prices have not been shown this quarter because they reflect only those sold or in contract from last year. The prediction is that condos will be hit the worst with many builders scrambling to turn current projects into rentals. Buyers beware since banks are not giving out loans to new developments unless 70% sold. Many have lost their deposits recently on placing down payments with developers that could not sell their units to full capacity. Luxury condo prices have gone into contract 40% lower this spring and expected to tank more in the next five years. Builders beware and stop wrecking Harlem's architecture for cheap condos that will not sell or make a profit. Affordable and low maintenance is the key today's buyers. New York Times: LINK