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Fall 2021 Newsletter

Fall 2021 Newsletter

Last year was an unprecedented year in nearly every aspect. New York City endured extraordinary challenges. Leading up to the pandemic, the Manhattan residential real estate market had been showing signs of weakness since 2018. Signs of a stabilizing market appeared in the First Quarter of 2020 but the optimism was short-lived. When the city shutdown occurred in March, the stock market dropped sharply, nonessential businesses closed, New York City became an epicenter of the virus, and real estate sales activity dropped precipitously. Many left the city for several months, if not for good, and for the first time the...

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Upper West Side Townhouse Report

Upper West Side Townhouse Report

2021 has been a banner year for Upper West Side Townhouse sales and it is only August! The strong volume of townhouse sales on the Upper West Side is in keeping with the stronger market overall but also indicates that buyers feel that townhouses are now a good value and having a lot of space plus outdoor area is again very desirable. As more buyers re-entered the market the first half of the year, the combination of the lower prices, low interest rates and increased consumer confidence all came into play. As of now, there has been over 3x the number...

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Why it’s a Great Time to Buy in NYC

Why it’s a Great Time to Buy in NYC

All the Stars are Aligned……Why Now is a Great Time to Buy in NYC
The real estate market in Manhattan over the past few years has been more favorable to buyers especially during the past pandemic year. Since January however, there has been a steady stream of good news proving New York City’s resiliency and causing many to feel that sales prices will begin to rise and could shift the leverage back to sellers. The just-released Second Quarter numbers further strengthened the overall positive reports. Manhattan had the best spring season for closed sales in six years and the strongest second...

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Downtown Manhattan Real Estate Review

Downtown Manhattan Real Estate Review

Downtown sales accounted for 31% of sales in the first quarter representing the largest market share in Manhattan and the trend continued into April as 542 of the 1,647 contracts signed across Manhattan during the month were downtown. April not only was a banner month, the nearly 2,000 contracts signed made in the strongest April on record!

In addition, Downtown closings in the first quarter rose 7% year-over-year and resale transactions increased more than 10% year-over-year. Listed inventory reached 2,187 units and for the first time in over five years, over half of all active listings Downtown were under $2M. The average days on the market rose in the first quarter to...

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Manhattan Market Update January 2021

Manhattan Market Update January 2021

January was an important month for sales and a good measure for where we might go from here. We wanted to provide you with an expanded market snapshot that delves deeper into the Manhattan condo and co-op sales in January.

This snapshot will review:
  • Contracts Signed: Number of condo and co-op contracts reported signed during the month
  • Active Listings: Number of active listings inventory as of the last day of the report month
  • Days on Market: Average days on market for the month plus a 3-month moving average
  • Average PPSF: Average price per square foot of...

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