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.
NYT: Manhattan Apartment Sales Surge to Three-Decade High
One benefit to reading The Lanyard Team’s newsletter each month is the ‘heard it here first’ factor. In this case, the NYT echoes the sentiment of our most recent newsletter. More apartments were sold in Manhattan in the third quarter than at any other time in the last 32 years, in the latest sign that New York City real estate is set for a faster-than-expected recovery, according to new market reports.
There were 4,523 closed sales of co-ops and condos in Manhattan in the third quarter, exceeding the record set in the middle of 2007, when 3,939 sales were recorded. The quarter ended with more than three times as many sales as in the same period in 2020, when the market was largely locked down because of the coronavirus, and with 76.5 percent more sales than the same time in 2019, before the pandemic. This is largely a result of pent up demand.
POST COVID: WHERE ARE THE DEALS AND WHERE CAN SELLERS YIELD PROFITS?
Which neighborhoods are the most depreciated by Covid? Is anywhere in Manhattan a seller’s market again? Are the greater discounts in the condo or the coop markets?
Clients have been asking me these questions all year and since most official market reports offer only macro-views, we decided to dig beneath the surface to provide intimate snapshots of each major Manhattan neighborhood sub-market and what you can expect in today’s landscape ON THE GROUND.
Manhattan Rent Prices to Climb Back to Pre-Pandemic Levels
Per the Daily Mail, Manhattan rent prices are on track to climb back to pre-pandemic levels as renters are flocking back to the city, causing the number of available units to drop by 38% in a month.
On the Ground - Market Update - May 2021
The promising market I depicted in January has come to fruition. By all markers, activity levels continue to surge and the data is encouraging.
The Great Florida Migration: Fact of Fiction?
What does the great Florida migration mean for me, a New York condo/coop owner?
Contracts Signed Report - February 2021
In deconstructing the data from February’s sales activity, I am struck by a few compelling data points which show where the market is most healthy...see below
On the Ground Market Update - Oct 2020
The average price of apts which received signed contracts in October ‘20 was $1,170M for coops, $2,904M for condos
YOY, average price of coops went UP from October ‘19 by 4.7%, whereas average price of condos went UP 27.8%
Average discount in October was 10.3% from original price for coops, 11.9% for condos, both increased by over 30% from October ‘19
The 5 Things You Need to Know to Adapt Your Real Estate Strategy to The New Normal
As we head into the Fall market and the fourth quarter of 2020, I am here to deliver the facts, dispel myths and present opportunities for moving forward. This message is a reflection of the very ethos of the Lanyard team—to create value and profits for our clients.