Sales of luxury apartments, defined as the top 10 percent by price, climbed 96 percent to 235 transactions, Miller Samuel said. Their median price fell 31 percent to $4.58 million…“If this is a rebound, it’s a rebound on shaky ground,” said Sofia Song, vice president of research at StreetEasy. “We might not be out of the woods just yet.”

Manhattan apartment sales doubled in the first quarter as bargain-hunting buyers scooped up co-ops and condos in a market where resale prices have fallen an average 29 percent since their peak.
By Oshrat Carmiel, April 2, 2010 Bloomberg

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