"“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house or in their Connecticut weekend house, and I say, ‘You got to come back, when are you coming back?’”
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 ...
I lived in a single-wide once that had a bigger kitchen than that apartment has. It had a prettier view too and was 99% cheaper.
I gulped when I read 25K/mo for HOA and $37K/mo taxes. Then I saw the asking price of 50 mil and at that point the HOA and taxes are irrelvant.
"“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house or in their Connecticut weekend house, and I say, ‘You got to come back, when are you coming back?’”
yeah, seen these type of things where I live.
$2,300,000 for a box in the sky.
Plus $2,600 per month for condo fees and taxes
Well you resigning first would be a good start to the discussions !
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.