Bubble Wrap

Another Season, Another Market

In the Time’s Big Deal column Josh Barbanel writes that Manhattan closing prices are off 7 percent from last quarter, excluding 15 Central Park West and The Plaza. At the same time, closings surged at lower priced buildings like 90 William, making the season’s latest numbers harder to interpret.

Jonathan J. Miller, an appraiser who prepares market reports for Prudential Douglas Elliman, said the decline in aggregate prices was a combination of seasonal trends and weaker conditions. But he said he was worried that the market might deteriorate next year, if the economy weakened and Wall Street bonuses were cut sharply.