New York City has now been in Phase 4 of New York Forward, allowing for all real estate activities with proper social distancing.
The reality that a vaccine for a majority of our population is likely to happen by mid-Spring gives us hope that “normal” is right around the corner.
I continue to realize that many seem to have received incorrect information about the current state of the New York City real estate market. Contrary to what many might believe, closed prices for homes in Manhattan priced under $1.5 million have dropped by approximately6-8%. On the other hand, for homes priced over $3 million, the discount for those can exceed an eye-popping 20+%.
Inventory, year over year for December 2020, it is now up 14%, as seen in this chart as of Jan 29, 2021:
while absorption rate is up more than 80% year over year for December 2020, as seen in this chart as of Jan 29, 2021:
So, the simple answer if asked whether NYC is a buyer’s market is “Yes”, and some savvy buyers seem to betaking advantage of the current market. The more detailed answer is that while NYC is a buyer’s market, the discounts on most apartments priced under $1.5million is not as steep as you may believe. However, with mortgage interest rates remaining at 30-40 year lows, there may be no better time than now to buy in Manhattan.
Most importantly, all my loved ones are healthy. I hope and pray the same is true for you.
Best,
Lee
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![]() Lee Presser, Realtor® Licensed Associate Real Estate Broker | eXp Realty NYC 1501 Broadway, 12th FL New York, New York, 10036 Direct: (347) 829-9996 Fax: (646) 792-3316 |
©2021 eXp Realty NYC. eXp Realty 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. eXp Realty NYC represents the seller/owner on eXp Realty NYC's own exclusives, except if another agent of eXp Realty 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. eXp Realty NYC represents the buyer/tenant when showing the exclusives of other real estate firms. In all instances eXp Realty NYC treats all parties fairly and honestly. eXp Realty NYC actively supports equal housing opportunities.

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