This real estate market is about to crash

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This real estate market is about to crash
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• The tallest residential structure in the Western
  Hemisphere sits at 432 Park Avenue in New York
  City.
• Standing at nearly 1,400 feet, there are 141
  apartments for sale in this building, where the
  average selling price is 21 million, 10 times
  the price of an "average" Manhattan apartment. A
  representative for the building said it is over
  70 percent sold, though only a few dozen of those
  sales have closed so far. A recent report in Real
  Deal indicated that there are anecdotal signs
  that "sales have plateaued" in the building,
  including the fact that the developers are
  dividing some of the full-floor apartments into
  smaller units to reach buyers interested in a
  lower price point and boost sales.
• New York real-estate prices have recovered with a
  vengeance in the past year but buyers may be
  starting to reach their limit.

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• The average apartment price in Manhattan hit a
  record 1.95 million in the fourth quarter of
  2015, according to real-estate firm Douglas
  Elliman.
• But brokers reported a distinct shift as 2016
  began and the data reflect that The numbers of
  contracts signed in January and February fell
  more than 20 percent from a year earlier to their
  lowest levels since 2009, according to
  real-estate analytics firm UrbanDigs.com.
• And expensive apartments are sitting idle for
  roughly 90 days before being sold, the longest
  "time on market" since January of 2013, according
  to the StreetEasy Blog, which tracks New York
  real estate.

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