Manhattan apartments aren't worth their weight in gold

The value of apartments in Manhattan is plummeting, even as the price of apartments in dollar terms has, according to several reports by real estate firms, soared to record highs.

The average value of a Manhattan apartment over the past six years has plunged nearly 39%, to 1,727 ounces of gold, even as the average dollar price of an apartment in Manhattan over the same six-year period has nearly doubled to $1.4 million, according to figures in several real estate reports published today for the fourth quarter of 2007.more [Sun]