Publication:  The Edge Malaysia

Summary:  Wei Min Tan, Manhattan property broker originally from Malaysia, interviewed by The Edge, Malaysia’s leading independent business magazine.

Excerpt:  

The city’s major brokerage firms reported that prices in 4Q2009 in the Manhattan property market had decreased from a year ago while sales had risen. I expect this trend to continue into early 2010.

Prudential Douglas Elliman and Miller Samuel reported that the median sales price of an apartment in 4Q2009 was US$810,000 (RM2.7 million), down 10% compared to a year ago. There were 2,473 transactions, up 8.4% compared to last year, and 11% compared to last quarter. The activity is more than double the 1,195 transactions in 1Q2009. Average price psf was US$1,176, flat compared to a year ago. Brown Harris Stevens and Halstead, both owned by Terra Holdings, reported median price of US$800,000, 9% lower than a year ago. There were 2,519 sales, 9% higher than a year ago.