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
Featured Listing
- Bed: 1
- Bath: 1 full
- Sqft: 550
Location, location, location. Midway between Central Park and Lincoln Center.This listing is this beautiful Lincoln Square one bedroom coop midway between Lincoln Center and Central Park. The loc... Read More
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![]() Lee Presser, Realtor® Licensed Associate Real Estate Broker | Keller Williams New York City 99 Park Ave, 10th FL New York, New York, 10016 Direct: (347) 829-9996 Main: (212) 838-3700 Fax: (646) 792-3316 |
© 2018 Keller Williams NYC. Keller Williams NYC is a licensed real estate brokerage in the State of New York. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate and all information should be confirmed by customer. All rights to content, photographs and graphics reserved to Keller Williams NYC. Consumers should consult with counsel regarding all closing costs, including without limitation the New York State 1% tax paid by buyers on residential properties over $1 million. Keller Williams NYC represents the seller/owner on Keller Williams NYC's own exclusives, except if another agent of Keller Williams NYC represents the buyer/tenant, in which case Keller Williams NYC will be a dual agent with designated agents representing seller/owner and buyer/tenant. Keller Williams NYC represents the buyer/tenant when showing the exclusives of other real estate firms. In all instances Keller Williams NYC treats all parties fairly and honestly. Keller Williams NYC actively supports equal housing opportunities. Each office is independently owned and operated.

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