Price Chops Sweep Upper East, West Side Homes

It begins.

There have been since Sept. 18 over 200 price cuts on properties listed at less than $10 million on the Upper West Side and the Upper East Side, reports the Wall Street Journal's Sara Lin. That's a 17 percent jump from the week before.

Plus, there's this:

Deanna Kory, a broker with New York-based Corcoran Group who's handling nearly two-dozen properties priced between $2 million and $10 million, says her showings are down by about 40% in the last two weeks compared to the same time last year. A slew of new buildings set to open in the next year will only increase supply.

And, yes, it's largely due to the financial crisis.