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.
Read MoreOne 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.
Read MoreWhich 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.
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.
Read MoreLooking to take a break this holiday weekend without leaving the city? Little Island is a public oasis located right off the Meatpacking district on Pier 55. The 2.4 acre park is a great place to take in views, walk around, get drinks or bites and enjoy nature while still being in the best city in the world.
Read MoreThe promising market I depicted in January has come to fruition. By all markers, activity levels continue to surge and the data is encouraging.
Read MoreAbout 14,000 square feet of Lincoln Center's concrete plaza will be transformed into an expansive "lawn" to welcome New Yorkers to its cultural campus.
What does the great Florida migration mean for me, a New York condo/coop owner?
Read MoreIn 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
Read MoreThe 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
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.
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