NYO

The Money’s Still Good,
But Selling Today Is a Long Haul

  The New York Observer

At the dawn of 2000, when the idea that the average sales price for a Manhattan apartment could top $1 million was but a glimmer in the eyes of brokers, it took 118 days, on average, to unload a condo.

Not anymore.

According to appraisal firm Miller Samuel, which prepares a quarterly market report for brokerage Prudential Douglas Elliman, by the start of 2007 the average number of days it took to sell a condo shot up more than 60 percent from barely two years earlier. It now takes 162 days—or nearly half a year—from the last listing price to the signed sales contract.

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