According to several first-quarter Manhattan housing reports released today condo and co-op sales have fallen precipitously from last year. Corcoran estimates that sales have fallen by 52 percent and Douglas Elliman reports a 47.6 percent fall, for instance.Either way, you get the picture and it is not pretty. (And not surprising: These are the first market reports to truly reflect a post-Lehman Manhattan.) And there has also been a pronounced shift in the prototypical Manhattan buyer. As recently as six months ago, the Manhattan market was driven by the luxury market; not so anymore, say Corcoran CEO Pam Liebman, who says that first-time buyers have become a larger slice of the population
By Oliver Haydock, April 2, 2009, NY Observer

Link to article