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US Real estate prices are on the slide

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Creative Commons License photo credit: dfhuynh

Real estate prices in three prime US urban areas are on the slide with some potential investment bargains on offer.

Prices in multifamily real estate are down by around 30 per cent on last year, according to a quarterly report from PropertyShark.com.

San Francisco prices have also fallen while New York investment property fell in areas such as Queens, while Manhattan values appear to be holding firm.

PropertyShark chief executive Bill Staniford said:

“The correction in the Los Angeles multifamily investment property market seems to have hit hard, with median sale price and median price per square foot down 30.4 per cent and 22.1 per cent respectively over the same quarter last year.”

A fall in sales is a common theme across all three cities, with New York experiencing the steepest decline at 29.4 per cent.

In LA, the foreclosed homes market appears to be dominating, with nearly half of all transactions in the region involving distressed properties.

Both California counties also saw significant price slides below previous two-year record lows.

Compared to the second quarter of 2007, the median sale price in LA fell 30.4 per cent and 15.3 per cent in San Francisco. The median sale price per unit fell 24.7 per cent in LA , and 13.9 per cent in San Francisco.

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