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 ...
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.
This one should go quickly. The HOA fee is only $25,000 a month and property taxes are only $37,000 a month.
“NY should tax the wealthy more. /sarc”
Deblassio says the rich should be taxed even more.
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.
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.
The Golden Geese are flying south.
Funny how these leftists make their beds but don’t want to sleep in them.
New York Sewer
I will guess $2.5 mil.
Isn’t that the one owned by Bette Midler or someone like that?
I was about a million high in my guess. That’s a nice neighborhood. Well, it was. No guarantees anymore.
The prices haven't crashed; rather, sales have crashed and inventory is up.
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.
That’s what I was thinking.
I believe I’ve seen it in Architectural Digest.
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.
Seems like we saw it here months ago.
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%.
$2,300,000
Maintenance/Common Charges: $1,250
Monthly Taxes: $1,006
10% Down: $230,000
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.
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.
Oh, I Googled it - it is hers.
On the market since last fall apparently.
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