New York reports show price falls

A series of new reports on New York property prices have revealed that prices fell in the fourth quarter of 2008.

Real estate firm Prudential Douglas Elliman noted that this included the upmarket Manhattan sector, which saw a 0.3 per cent drop during the period.

Its fourth quarter figures for other boroughs showed dips in price in both annual and quarterly terms.

Queens saw a fall of four per cent to $419,153 (£298,350) in the last three months of the year, with an annual drop of 10.2 per cent, while Brooklyn was down 5.2 per cent for the 12-month period and 2.8 per cent in the quarter.

Such potential for bargains may lure many interested in US property to consider New York.

Last month the director of investment firm Mayfair International Realty, Annette Reeve, said many UK buyers have been considering the upstate New York area.
 

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