The number of signed contracts for co-ops and condos in Manhattan — the best real-time measure of activity — dropped 57% in July compared with a year ago, according to a report from Miller Samuel and Douglas Elliman. The high-end of the market is getting especially hard hit, with co-ops priced between $4 million and $10 million down over 75%.
"The city is less of an anchor now," he said. "It's going to take longer for the city to recover than the suburbs." "Anything within a two-hour radius of the city is as busy as it's ever been," said Scott Durkin, president and chief operating officer of Douglas Elliman. "There's just this fear of density right now."
I’d leave that democratic run city too
Last one out of these big cities turn off the lights. Going to be a trend that continues.
The value of an urban apartment is proximity to jobs. There are no jobs. Urban apartments are worth less. Smart landlords are lowering rents to keep tenants. Eviction hungry landlords will have empty apartments. Hedge funds will buy them for half price. Evictions
With so many people moving and buying—a huge investment of time and money that is difficult to unwind—outside the city, how can real estate brokers STILL be saying that NYC “will recover quickly” and that buyers shouldn’t expect deep discounts? What world are they living in?
DeBlasio and Cuomo are Killing NY
🤷🏻♂️
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: latimes - 🏆 11. / 82 Read more »
Source: CNBC - 🏆 12. / 72 Read more »