Prices on Luxury Real Estate in NYC Drop

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New York City is known for selling real estate at astronomical prices, but it appears as though the market may be settling down.

“I have seen more broker incentives and price reductions in the last few months than I’ve seen in the last three years combined,” said Leonard Steinberg, the president of real estate brokerage firm Compass.

Brokers say bidding wars are now less frequent and prices have been steadily lowering.

Image via Flickr/Aurelien Guichard

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