The Manhattan real estate market is in the midst of a correction.
That’s according to a new report authored by Jonathan Miller, CEO of New York-based real estate appraisal and consulting firm Miller Samuel Inc. Apartment sales in Manhattan tumbled during the third quarter, underscoring a trend blamed mostly on a higher state transfer tax for luxury real estate that took effect in July.
Miller’s findings correspond with a recent Wall Street Journal analysis noting that prices had fallen to their lowest level in four years.
Many sales were achieved over the summer by buyers rushing to file ahead of the July 1 deadline for the so-called Mansion Tax.
The report, published in partnership with real estate firm Douglas Elliman, also noted that mortgage rates remain low and that sellers are “loosening their hold on unrealistic pricing positions.”