It's a Buyer's Market Across the Board in NYC
As many articles have recently pointed out, now is an amazing time to buy a luxury apartment in NYC. As luxury sales across Manhattan continue to fall, high-end buyers are in an amazing position to negotiate and get a great deal on a lavish home. According to a recent article in the New York Times, however, it's not just luxury buyers who can get an NYC apartment for a steal, but those looking for starter homes as well.
The Times cited a recent market report which found that the median sales price for a Manhattan home fell to $1.1 million, down 4.5 percent compared to the same time last year. What's more, sales volume dropped 11 percent compared to the same time period. While a drop in sales for high-end homes was not particularly surprising since sales of luxury Manhattan apartments have been sluggish for months, what was surprising was that the report discovered a slowdown in sales in the broader market.
The Times spoke to real estate appraiser Johnathan Miller, who explained that a sharp increase in inventory of studio and one-bedroom apartments throughout the city shows that there is a slowdown in sales for NYC homes in all price ranges, not just luxury spaces. The Times also spoke to real estate experts who explained that in this current climate, sellers need to be "razor-sharp" when it comes to pricing since overpriced homes may get overlooked by buyers.
This is the current residential situation in Manhattan, but is the same true of Brooklyn and Queens? The Real Deal reports that inventory is also outpacing sales in these boroughs, with the state approving plans for 639 new residential units in Brooklyn and 86 new units in Queens in August, while these areas only sold 115 units and 52 units that same month, respectively. As inventory continues to outpace sales and the market becomes flooded with available homes, buyers will be in an excellent position across all three of these boroughs to negotiate for a great price.
Are you ready to take advantage of these current market conditions and get a fantastic deal on your first NYC home? If so, visit the Elegran sales page and contact an Elegran agent today who can help you negotiate.