Posted on 07/24/2020 6:46:17 PM PDT by Vendome
In nine weeks, the borough has seen just 25 luxury homes enter into contract, an 88% decline year over year
Buyers have signed deals for 25 luxury Manhattan homes since the crisis started nine weeks ago, compared to 207 contracts during the same time span last year, according to Olshana remarkable 88% decline year-over-year. The latest contracts highlighted some ways in which the crisis has changed buyers priorities to favor perks such as outdoor space.
The most expensive deal, for example, was a three-bedroom condo in one of the new Waterline Square buildings, a trifecta of glass towers each designed by a noteworthy architect, on the far West Side. The home, asking $5.15 million, spans a little more than 2,000 square feet, but the selling point was its 1,149-square-foot wraparound terrace.
(Excerpt) Read more at mansionglobal.com ...
I don’t think anyone lives in San Francisco anymore
I go there once or twice a week and it’s empty
They’re building and selling ones that cost that much here north of Indy, in what was a cornfield 2-3 years ago
The ones that stay will have learned some manners. And that in the summer you wear a sundress or shorts and t-shirt not head to toe black.
Oh... and don't ask for the vegan option at the diner. Vegetarian we can do, vegan is not really big out here.
My neighborhood is doing awesome. 4 homes out of 77 have been put up for sale and 3 already sold. These are homes in the 250-289K range.
The safe suburbs of New Jersey and the rural areas are selling like hotcakes, homes are on the market for less then three days before multiple offers come flying in from desperate New Yorkers trying to escape the shiathole
Hey if they are working from home and just saw their neighborhood get torched by uncontrolled mobs of leftist scum, you will run away quick as well.
My parents own a home in PA and in their area they usually have an inventory of 300 homes on average, now it is around 30 and anything with a lakeview or frontage sells in three hours on average, and it is in a gated community. The New Yorkers are realizing the police are not going to protect them anymore.
NY is being destroyed by its commie politicians, no sane person wants to move there!
Hey now, I live in Texas and I often wear all black in the summer. :P
New York is done, sorry, this isn’t temporary, DeBlasio just proved that he is worse then Dinkins and that is some accomplishment.
1970’s New York all over again
It took Donald Trump and Rudy Giuliani to bring back NYC in the 90’s and 2000’s, Bloomberg kept most of Giuliani’s policies.
I completely agree. With telework on the horizon, who wants to pay 75% of their income towards rent just to be near work, when you can be near work anywhere in the country?
I live in Conroe Texas, my Neighbors house sold in 2 days.
It’s a nice place, but that was very quick, at least for my little area.
Just anecdotal stuff.
understood.
it is tragic one of the world’s leading cities is/has been
led right down into the swamp
Riots will have a bigger impact than corona
Cities need to die.
New Yorkers killed much of the pocono region.
Where I live, the market in the outer suburbs and rural areas is doing great.
City? Not as much.
The double-whammy of the china plague and the urban riots seems to be reversing a trend of the last decade or so of moving to cities.
“In nine weeks, the borough has seen just 25 luxury homes enter into contract....”
I’m reminded of the Jack in the Box commercial where Jack is standing outside a corded off area where a guy is sitting inside with a sign that says answers, $1 Million dollars. Jack asked him if he had any takers. The guy said no, but it only takes one.
The typical real estate commission in NYC is 5% to 6% of the sale price. If that three-bedroom condo on the far West Side has an asking price of $5.15 million, that’s a medium commission of $283,250 for that one sale for the realtor. The average salary in New York, NY is $77k with a wages increase of 1.9 percent in Q2 2020. If you do the math, the sale commission for that one sale is around 73% more than the average yearly wage in New York. I somehow don’t think there is a problem there. You know they can sell housing for half what that condo is asking and still make make more than double what the average New Yorker makes in an entire year. In prospective, it’s a whining shame.
rwood
Long Island has been exploding - houses up 20% and going well over asking, selling in 2-3 days
We've seen many New Yorkers in Rhode Island and parts of Massachusetts as well. Just heard today on Howie Carr's radio show that New Yorkers have been *all over* Cape Cod, MA for months.
Most of us have heard that Florida has been invaded by New Yorkers since mid-March (and tens of thousands of 'em brought COVID-19 with them).
Of course that's all anecdotal, but I highly doubt that a LOT of people who formerly lived in de Blasio's NYC will be going back.
Yep, it hotter than ever here, right now.
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