New York City has now been in Phase 4 of New York Forward, allowing rentals, condominiums, cooperatives and townhouses to more easily been shown to prospective tenants and buyers. 

I continue to realize that many seem to have received incorrect information about the current state of the New York City real estate market, in the ever-evolving COVID-19 landscape. Contrary to what many might believe, closed prices for homes in Manhattan priced under $1.5 million have dropped by less than 5%. On the other hand, for homes priced over $2.5 million, the discount for those approached an eye-popping 20+%. 

Given that inventory, year over year, it is now up 24%, as seen in this chart as of Sept 27, 2020,

while absorption rate is down 39.4%year over year, as seen in this chart as of Sept 27, 2020.

So, the simple answer if asked whether NYC is a buyer’s market is “Yes”. The more detailed answer is that while NYC is a buyer’s market, the discounts on most apartments priced under$1.5 million is not as steep as you may believe.

Most importantly, all of my loved ones are healthy. At least for us, parents and guardians have been given the choice to send their children to school, as part of a hybrid learning model, two days per week, while having them home for three school days per week. For now, this is the new normal.

Stay Safe, Stay Healthy, 

Best,

Lee