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NYC Real Estate Bubble Bursts As Apartment Sales Crash 20%

New York City apartment owners should take note of the latest 3Q16 "Elliman Report" on Manhattan real estate sales because the market looks to be in free fall. In fact, the number of apartment closings plunged 18.6% YoY while apartments sat on the market an average of 8.2% longer. Inventory also spiked with re-sale inventory up 8.2% YoY and new development inventory up a massive 27.
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