Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Manhattan real estate gets hammered
CNBC ^ | 08-06-2020 | Robert Frank

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 ...


TOPICS: Business/Economy; US: New York
KEYWORDS: democrat; democratparty
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-65 next last
To: All
HOW DO YOU SAY SCHADENFREUD IN CHINESE?

A wealhy Chinese man in the insurance business bought the iconic Waldorf Astoria Hotel for over a billion dollars.

The Chinese govt came along and asked him where he got they money to buy the hotel.
Owning property is not allowed in the Communist world....so now the Chinese govt owns the hotel.

They closed it down for two years to renovate and turn some suites into condos.
The multi-million dollar condos went on the market just before the virus hit.

21 posted on 08/06/2020 12:38:00 PM PDT by Liz
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRx
https://www.zillow.com/homedetails/1125-5th-Ave-New-York-NY-10128/31540851_zpid/

This one should go quickly. The HOA fee is only $25,000 a month and property taxes are only $37,000 a month.

22 posted on 08/06/2020 12:46:42 PM PDT by palmer (Democracy Dies Six Ways from Sunday)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ConservaTexan

“NY should tax the wealthy more. /sarc”

Deblassio says the rich should be taxed even more.

https://www.dailymail.co.uk/news/article-8600827/De-Blasio-blasts-rich-New-Yorkers-fled-city-fairweather-friends.html


23 posted on 08/06/2020 12:46:53 PM PDT by setter
[ Post Reply | Private Reply | To 5 | View Replies]

To: NRx
One thing about high-cost-of-living areas is that as more people rent, it makes it a lot easier to vote with their feet.

In the New York City area in particular, especially as New York, New Jersey, and Connecticut, continue their slide into Democrat induced failure, it doesn't make sense to be chained to a mortgage when the jobs leave.

Of course, as the city has so many wealth-takers, especially with rent control and other housing subsidies, there are going to be a lot left behind who couldn't afford to go anywhere.

24 posted on 08/06/2020 12:48:18 PM PDT by T.B. Yoits
[ Post Reply | Private Reply | To 1 | View Replies]

To: Malsua
I’m about 40 miles outside of the city in the mountains of NJ.

I'm 70 miles west of DC in the mountains. Same thing happened here. We had overpriced houses that languished on the market for years. Now they are all snapped up, particularly the move-in condition houses.

25 posted on 08/06/2020 12:48:19 PM PDT by palmer (Democracy Dies Six Ways from Sunday)
[ Post Reply | Private Reply | To 16 | View Replies]

To: NRx

The Golden Geese are flying south.


26 posted on 08/06/2020 12:52:08 PM PDT by bray (Pray for President Trump)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRx

Funny how these leftists make their beds but don’t want to sleep in them.

New York Sewer


27 posted on 08/06/2020 12:53:10 PM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRx

I will guess $2.5 mil.


28 posted on 08/06/2020 12:55:38 PM PDT by woodbutcher1963
[ Post Reply | Private Reply | To 3 | View Replies]

To: palmer

Isn’t that the one owned by Bette Midler or someone like that?


29 posted on 08/06/2020 12:56:08 PM PDT by Jamestown1630 ("A Republic, if you can keep it.")
[ Post Reply | Private Reply | To 22 | View Replies]

To: NRx

I was about a million high in my guess. That’s a nice neighborhood. Well, it was. No guarantees anymore.


30 posted on 08/06/2020 12:56:13 PM PDT by dead (Trump puts crazy glue on their grenades and they never know it until after they pull the pin.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: RayChuang88
Given Bill de Blasio’s handling of New York City, small wonder why real estate prices have crashed.

The prices haven't crashed; rather, sales have crashed and inventory is up.

31 posted on 08/06/2020 12:56:19 PM PDT by Labyrinthos
[ Post Reply | Private Reply | To 2 | View Replies]

To: palmer

Maybe Jeff Bezos will pick it up. He already has three separate residence in Manhattan. Everyone should have at least four. And he does seem to collect high end real estate the way some people collect stamps.


32 posted on 08/06/2020 12:59:12 PM PDT by NRx (A man of honor passes his father's civilization to his son without surrendering it to strangers.)
[ Post Reply | Private Reply | To 22 | View Replies]

To: Jamestown1630

That’s what I was thinking.
I believe I’ve seen it in Architectural Digest.


33 posted on 08/06/2020 12:59:22 PM PDT by GnuThere
[ Post Reply | Private Reply | To 29 | View Replies]

To: palmer

I love the area west of DC in the hunt country. Out by Aldie and Middleburg. I went there a few years ago to the National Beagle Club farm in Aldie.


34 posted on 08/06/2020 1:00:12 PM PDT by woodbutcher1963
[ Post Reply | Private Reply | To 25 | View Replies]

To: GnuThere

Seems like we saw it here months ago.


35 posted on 08/06/2020 1:02:00 PM PDT by Jamestown1630 ("A Republic, if you can keep it.")
[ Post Reply | Private Reply | To 33 | View Replies]

To: NRx
My town has a train line into Hoboken/Manhattan. A friend who's a realtor told us that prices in our town are skyrocketing. People don't want to live in the city anymore, because when this is all over they don't imagine going in the office more than once a week or so. They are snatching up homes in the suburbs. I have my last child in high school, then we'll probably sell and move down the Jersey shore.

Commercial real estate is really going to bottom out in NYC. Every single company is looking for ways to reduce their footprint, especially in high rent areas like Manhattan. If everybody only goes into the office one day a week, you can reduce your office rental costs by 80%.

36 posted on 08/06/2020 1:02:11 PM PDT by dead (Trump puts crazy glue on their grenades and they never know it until after they pull the pin.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRx

$2,300,000
Maintenance/Common Charges: $1,250
Monthly Taxes: $1,006
10% Down: $230,000


37 posted on 08/06/2020 1:02:37 PM PDT by CodeJockey (Dum Spiro, Pugno)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Malsua

Same for me in the Mid-Hudson Valley: Biding wars and cash deals. Houses are literally selling in days as opposed to months on the market.


38 posted on 08/06/2020 1:02:55 PM PDT by Labyrinthos
[ Post Reply | Private Reply | To 16 | View Replies]

To: NRx

Just wait until the commercial real estate numbers come in, especially mid-town Manhattan retail store numbers...along Fifth Avenue...saw a drive down youtube video from 59th street down to 42nd..ALL but 1 or 2 stores have been boarded up.

Ain’t no more rich folks or tourists spending $$$$$.

2nd quarter State and City tax revenues and projected shortfalls ought to be out soon.


39 posted on 08/06/2020 1:09:10 PM PDT by Covenantor (We are ruled...by liars who refuse them news, and by foo, thatls who cannot govern. " Chesterton)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jamestown1630

Oh, I Googled it - it is hers.
On the market since last fall apparently.


40 posted on 08/06/2020 1:11:07 PM PDT by GnuThere
[ Post Reply | Private Reply | To 35 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-65 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson