With Manhattan real estate prices now estimated to be down by as much as 20 percent since the summer, New Yorkers may sense an opportunity to buy in.
"I'm in the market to buy in the next year or two," said Arzo Anwar, 31, who rents in the Financial District. "I've heard that prices have dropped."
In fact, the current edition of the Federal Reserve Board's Beige Book – an economic snapshot of various regions released eight times a year – paints a picture of a plummeting market.
"Transaction activity has dropped off noticeably, and there has been a large increase in the number of listings," says the report, released earlier this month.
New York City 2010
