Although Manhattan real estate, which is largely comprised of co-ops and condos, is not moving as quickly as in days gone by, moving it is. Due to the stringent financial requirements co-op boards demand of its buyers (co-ops make up about 80% of residential ownership buildings in Manhattan), the mortgage melt-down the rest of the country is facing has barely touched the Isle of Manhattan. Even so, buyers are being extremely cautious and are reluctant to pull the trigger on a sale, and, conversely, sellers have faith in the real estate market and are reluctant to reduce the prices of their apartments. Hence, the slow-down of sales in the Manhattan real estate market.
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