Time to buy Manhattan property
Posted by Wei Min Tan on January 6, 2020
Now is the time to buy a Manhattan property. Inventory is high, prices are negotiable and mortgage rates are so low. It’s not just me who is saying it. Read the highlights below from CNBC, CNN, WSJ, New York Times, Bloomberg.
The average sales price fell 7.5% to $1.8 million in the fourth quarter of 2019 and the median sales price fell below $1 million. Total sales were down, discounts were up and there is now an eight-month supply of unsold apartments.
The real estate market in Manhattan took a sizable hit this summer, with fewer sales and falling prices. The average sale price for condos or co-ops in Manhattan was $1.66 million during the third quarter, down 14% from last year… The number of sales also fell 14% year-over-year, marking the lowest third quarter sales total since the financial crisis, the report found.
Manhattan real estate didn’t have a good year. – Wall Street Journal
The 2019 market for Manhattan residential real estate was one of the worst in nearly a decade, data show, with some brokers walking away from their jobs because of a sales slump. Sales of existing Manhattan apartments this year fell to the slowest pace since 2011, according to a Wall Street Journal analysis of city property records.
It’s a buyer’s market for two bedrooms. – The New York Times
By most measures, it would be absurd to call $1,515,000 for four walls of Sheetrock a bargain. And yet. In Manhattan’s flagging real estate market, that was the median sale price of a two-bedroom apartment last quarter — an 8 percent drop from the same period last year, and the largest discount among studio to three-bedroom co-ops and condos… Only the four-bedroom-and-up market fell further, with a 17 percent drop.
It was a rough year for New York’s luxury real estate market. Contracts signed for homes in Manhattan priced at $4 million or more fell 16% in 2019, with the total value of those deals sliding to $7.65 billion, the lowest level since 2012, according to a report by luxury brokerage Olshan Realty Inc.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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