By Daily Crux Editor, Sean Goldsmith:

Co-op and condo sales plunged 60% in the first quarter from a year earlier... and average co-op prices fell 24% in the same period. Brokers expect the Manhattan real estate slump to last up to four or five years.

Surprisingly, the high end of the market is experiencing the most pain. There are currently 350 apartments and town houses for sale with asking prices over $10 million... and the inventory is only growing. Buyers are looking for "livable" and "affordable" spaces, rather than sprawling penthouses.

Despite the decline in prices, buyers still aren't interested. Abigail Disney, who put her 17-room co-op on the market one year ago, recently cut her asking price 46%, and did restorative work to close the deal.

Expect to see more discounts like this in the future.

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