Manhattan Buyers Shun Fixer-Uppers

Manhattan buyers shun fixer-uppers— As prices of newly renovated apartments skyrocket, the market for unrenovated units has stagnated. The latest trend to emerge from the pandemic is a preference for renovated homes over budget-friendly fixer-uppers among Manhattan buyers, a new report indicates. Real estate data firm UrbanDigs found that the gap in sales prices between fresh-faced apartments and those requiring work has widened by nearly 30 percent in the last year, the second-largest such divide in a decade.

As demand for units in mint, move-in condition pushed prices to new highs — up nearly 14 percent to $1.25 million from a pandemic low of $1.1 million — sales prices for unrenovated apartments, such as estate sale units, have stagnated. During the same period, the cost of a fixer-upper rose just over 1 percent.