Posted on 08/06/2020 12:14:32 PM PDT by NRx
* The number of signed contracts for co-ops and condos in Manhattan dropped 57% in July compared with a year ago, according to a report from Miller Samuel and Douglas Elliman.
* The high-end of the market is getting especially hard hit, with co-ops priced at $4 million to $10 million down over 75%.
* The number of unsold apartments is now at the highest level in almost a decade, according to Jonathan Miller, CEO of Miller Samuel.
Apartment contracts in Manhattan fell by more than half in July, while deals in many New York suburbs more than doubled, showing a continued flight from the city over the summer.
The number of signed contracts for co-ops and condos in Manhattan — the best real-time measure of activity — dropped 57% in July compared with a year ago, according to a report from Miller Samuel and Douglas Elliman. The high-end of the market is getting especially hard hit, with co-ops priced at $4 million to $10 million down over 75%.
As deals dry up, the number of apartments listed for sale is surging. New apartment listings jumped by 8% in July compared with a year ago. The number of unsold apartments is now at the highest level in almost a decade, according to Jonathan Miller, CEO of Miller Samuel. At the current sales rate, there is more than a 17-month supply of apartments for sale — more than twice the typical Manhattan average of about eight months.
(Excerpt) Read more at cnbc.com ...
Given Bill de Blasio’s handling of New York City, small wonder why real estate prices have crashed.
Have a look at this studio apartment and try to guess the asking price before looking at the listing page.
A new kind of “woke” is taking place. Maybe defunding the police was not such a good idea.
NY should tax the wealthy more. /sarc
Anybody heard Cuomo begging the rich that left to come back and he’ll make em dinner?.....pathetic
But the prices aren’t falling that much overall. People are just biding their time.
If I tell somebody their hair is on fire and they give me the finger...I say let it burn
It’s gorgeous.
Definitely in my downsizing style if our country makes it another 5 years.
Drawback...it’s city life.
That’s pretty luxurious. I’d guess $3M.
Is Cuomo going to block the highways to prevent them from leaving?
After he said if you don’t like NYC, you should leave.
New Yorkers might be liberal but they not all stupid.
Same as Bay Area Liberals moving to Nevada.
an historic and vicious Bankruptcy / insolvency is the only way politics in NY State and NY city will change.
Bring it on.
When folks have championed the city in the past, I chuckled.
Never been there. Never wanted to go there.
There is nothing about New York City that appeals to me.
I should say the statue of Liberty does. I’d be interested
in seeing Ellis Island. Beyond that, just no thanks.
What I see in the media about New York City, doesn’t appeal
to me at all. I’m sure there are a lot of decent people
there. There are decent people here too. I don’t need to
travel to New York City to see theirs.
Other folks can and should enjoy the place if it appeals to
them. I just want it on the record there is at least one
person out here will will live a full life and never feel
one bit sorry for not visiting the place.
You can add me to that list.
I’m about 40 miles outside of the city in the mountains of NJ.
Every high-end home, specially lakefront in my town is selling in days. My neighbor spent 18 months trying to sell his home for $650k. It sold about a month after the quarantine to a NY couple. I see NY license plates everywhere now.
They see relative bargains and nice idyllic conditions of my town and snap up the properties. Pretty soon, like locusts they will demand higher taxes and more services and wreck the place. Then they will move on.
Fortunately, my plan exits NJ in a couple years.
Well we are seeing prices slip because of supply and demand.
The supply is increasing as people want to sell and demand is dropping as fewer people want to move into Manhattan.
I’m sure the market will settle down and then we’ll have a new price point for all those condos and Co-op buildings in Manhattan .
Whatever the price take that kinda money and live someplace nice.
NYC is a crap hole always was and will only get worse
I would have expected it to cost twice that, just from others that I’ve seen similar.
Thanks...
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