1 of 3 condos recently sold in Manhattan sold at a loss according to luxury real estate firm Brown Harris Stevens. Over the past 10 years, condo values across New York City have grown 16%, while many other major cities saw higher price growth according to Zillow data on condominiums and co-ops. Experts point to shrinking demand and slow real estate activity across the country. The Manhattan market flagged further as foreign investors pulled back on all-cash purchases of residential real estate.
Chapters:
0:00 Introduction
0:57 Chapter 1: Selling at a loss
3:04 Chapter 2: Ownership costs
5:04 Chapter 3: Luxury
Reporter: Robert Frank
Produced and Edited by: Carlos Waters
Additional Camera by: Gerard Miller
Senior Director of Video: Lindsey Jacobson
Graphics: Andrea Schmitz, Emily Park, Jason Reginato
Additional footage: Getty Images
Additional Sources: Brown Harris Stevens, Castle Avenue, Citizens Budget Commission, Federal Housing Finance Agency, National Association of Realtors, New York City Comptroller, Zillow
Credit to : CNBC