ML-Implode News - Manhattan Homeowners Looking for 40%+ 5-Year Returns Are Responsible For Market Freeze

This year through September, sellers listing apartments priced at $3 million or less that were bought in 2010 sought a median of 47 percent more than their purchase price, data compiled by StreetEasy show. Owners who bought in 2011 have returned homes to the market for a median 42 percent markup, and buyers from 2012 listed for 35 percent more, according to the real estate website.
"That detachment from the market, from what the value actually is, is a big part of why sales are down," said Jonathan Miller, president of appraiserÂ Miller Samuel Inc... "In my experience, it takes sellers a good one to two and a half years to believe in the new market," Miller said. "The buyers are with the program immediately."
... Growth in actual transaction prices hasn't matched sellers' aspirations. The median for all Manhattan resales in the third quarter was $950,000, or 11 percent more than in the same period of 2011, according to Miller Samuel.

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Manhattan Homeowners Looking for 40%+ 5-Year Returns Are Responsible For Market Freeze