We studied hard to deliver a brand new report to you. The reality check on the Manhattan Luxury Market. Every week we hear of multi-million dollar properties going on the market and sometimes the asking price seems exorbitant because it is!
With this report, we are going to tell you at what prices luxury properties are actually closing and ...
At the beginning of the crisis we had 136 weekly contracts signed in Manhattan. That number progressively went down during the crisis to reach a low of 31 contracts signed 12 weeks into the crisis. Last week was week 13, and we had 61 contracts signed! Could be the first sign of a recovery? In a normal market ...
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We would all like to own a crystal ball to look into the future and now more than ever we are asked about what’s going to happen in the next few months. Well, I am not going to be as bold as to offer my own forecast (I like to be like Switzerland: neutral ;o) but here are some meaningful insights from Noah Rosenblatt at Urban Digs, an expert and a real estate data company I trust.
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The National Association of Realtors reports that total existing-home sales dropped, nation wide, 8.5% in March. Despite the decline, home prices are still steady. The median existing-home price in March was $280,600, UP 8.0% from the same period in 2019. Total housing inventory at the end of March was down 10.2% from one year ago.
Many sellers had withdrawn their properties ...
Continue Reading →Finally after two years of low volumes in the sales market, the first quarter of 2020 showed an increase in closings as sellers became more realistic about pricing.
It must be said that this trend, given it is based on closed sales, doesn’t fully reflect the most recent changes of the market conditions related to the coronavirus pandemic.
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Gov. Andrew Cuomo issued an executive order that places the state on what he calls a “pause”; nonessential retailers and services must be closed or have their employees work from home, and people are expected to largely stay home, with limited exceptions.
“We need everyone to be safe, or no one can be safe,” Cuomo said during a press conference announcing the new regulations.
