The New York City Real Estate Market Remains in Favor of Buyers
Post Labor Day, we are entering the second active market season of the calendar year. The Manhattan residential real estate market continues to be sluggish and a buyers-market. The supply of units is up and is expected to continue to increase. Pending sales experienced a small bump, however, off of very low numbers so still a slow market.
The Mansion Tax Causes One-Time Boost in Prices
There has been an interesting but confusing pop in price trends recently. Median sales price, price per square foot and closed sale volume have recently increased. All increases, however, were driven by the one-time effect of New York State Mansion tax policy changes which increased the Mansion tax for all units selling for $2 million and above. See our April 2019 blog for more Mansion tax details.
Luxury New Developments Aren’t Selling
Another interesting trend, a quarter of the new condos built since 2013 in New York City have not yet found buyers, according to a new analysis of closed sales. See the comprehensive research on the state of the Manhattan new development luxury units just published by the New York Times, here.
As always, if you have any questions about New York City real estate, contact us anytime!