market Archives - Page 4 of 11 - Rava Realty

Manhattan Rental Market Report

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There were 3,159 New Lease Signings in Manhattan in the month of January -49.5% from the same period last year, dipping below the decade average as listing inventory continued to collapse as prices reached record levels.

The Median Rental Price was $3,550, up +18.3% from the previous year, while the Net Effective Median Rent, the face rent, surged year over year by a record +23.3% to $3,467, the second-highest level reached in a January. This price trend indicator continued ...

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Manhattan Luxury Reality Check

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There were 149 closings at $4 million and above in October 2021, 8 less than September. The Average Closing Price was $8,309,226 down -15.9%, meanwhile, the Median Closing Price was $5,885,500 down -2.9%. The Negotiability Factor, that is the average discount from the last asking price, was 6.27% down from -18.91% during the previous month. The pace of the market was a little faster since the Average Days On the Market were 153 compared to 183 for the properties that closed in September 2021.

If you ...

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Renters are ‘frantic’ to return to NYC

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Renters are ‘frantic’ to return to NYC

Imagine wanting to ease back into your New York City life after being away for a year. You scan apartment listings and see your old place is available. Sounds like a great coincidence, right?

That’s what happened to many people, like Ranee Soundara, who let her apartment lease lapse during the pandemic, and was hoping to return to the city in October. There was only one problem: The place is “now almost 25 percent more than what I paid last ...

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Manhattan Sales Market Update – 3Q2021

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There were over 4,523 sales in the 3rd quarter 2021, more than triple the amount registered in the 3rd quarter of 2020 and still over 76% higher than the same period in 2019. It’s basically an all time record for volume of transactions.

Median sales price was at $1,115,000, up year over year by +1.4% and by +8.8% from the same period two years ago. While the average sales price was $1,874,942, down 14% from 2,179,777, skewed lower by the fact that the ...

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NYC could become the most expensive rental market in the United States

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NYC could become the most expensive rental market in the United States

According to a recent Zumper’s report, the city’s median rent for a one-bedroom apartment — $2,680 — is currently the second-highest in the nation, only $40 behind San Francisco’s $2,720, and New York City has seen much more growth than San Francisco in recent months.

The city posted a 4.3 percent month-over-month gain in median one-bedroom rent in July, making prices just 5.6 percent lower than they were this time last year; in comparison, San Francisco prices are currently down 15 percent compared to the previous year.

“With the COVID vaccine widely available, renters are adapting to a ...

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Overseas investors are coming back to NYC

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Overseas investors are coming back to NYC

The Covid-19 pandemic has made it almost unrealistic for international investors to purchase real estate in New York City and the United States in general. Either because of some objective impediments such as travel restrictions or uncertainty about what would happen at the market level, especially luxury and high-end investments.

However, some real estate agents, including us, are seeing a rebound in international interest.

With the easing of restrictions and pandemic measures, overseas buyers are enticed by the idea of getting discounts and the feeling that this window of time is already closing. In fact, according to the consistently ...

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