Today's real estate report in the Times confirms what many already know about the current market: properties are not moving so quickly or selling for as much these days. Brand new, luxury condos were hit the hardest with a 61.7% drop in sales from this time last year. Also anything old or new that is super size and grandiose have had extreme drops in sales and price. The photo above is a promo for the disastrous and much maligned Harlem development, 5th on the Park, which is having a hard time reaching seventy percent capacity for it to get any more financing for its bankrupt developer. This advertisement is a bit ironic, since the condo building looks like a midtown hospital while it touts downtown elegance. The Mt. Morris buildings it is attached to looks more like the village. The good news is that starter apartments and the more smaller, affordable apartments for us regular folks are doing well and have provided a great deal for those new to the market. In our opinion, if one likes brownstone neighborhoods and charming prewar apartments with potential, Harlem is the best bet. Read the NY Times article: LINK
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