Manhattan apartment sales fell by 29% in the fourth quarter, sparking fears of a frozen market in which buyers and sellers stay on the sidelines due to economic and rate fears.
"I could see the market moving sideways, with some modest declines in some sectors," said Jonathan Miller, CEO of Miller Samuel, the appraisal and market research firm. "And it could weaken further if there is the backdrop of recession and job loss." As with much of the recovery, the high-end and luxury segment remains the strongest. Median sale prices for luxury apartments — defined as the top 10% of the market — increased 4% in the fourth quarter, compared to a decline in the broader Manhattan market. Median prices for luxury apartments are up 21% compared to 2019, twice the increase as the broader market.The pipeline of deals in the works or recently signed suggests a slow first quarter.
Ian Slater at Compass said there was a big "disjoint" in the market in August and September, with a wide divide between buyers and sellers and the market started to weaken. "Now I am seeing buyers accept interest rates as the new normal and feel more comfortable purchasing — or at a minimum that prices aren't falling."
Let's all shed a tear For all the rich people missing out on high rent
When have we simply run out of buyers? Is that ever the case?
maybe because no one wants to live there.
They should put homeless illegal immigrants in them and New York taxpayers and voters should foot the bill forever
Good. That market has been overinflated for decades
Not in Florida.
The struggle is real
It is rarely ever a bad time to buy real estate. However, current interest rates are a bit high for the average home buyer. Generally speaking, unless you know what you're doing, it may be best to wait.
Public works, initives. Devils advocate pennies on the dollar! Last , first vice versa
Sounds like 2 g's..month?
Maybe using real estate to launder money is under tighter scrutiny? 😉
VarisuTralier
lauferlaw I don't blame people! PRICES ARE FREAKING HIGH IN MANHATTAN TO LIVE!
Recession is real undoubtedly!
Who wants to live in crime central?
It's all about the murders and subway attacks. I will add Fentanyl and pooping on the streets. Hip hip hurray DNC must be healed accountable at the highest level. Prison for all. Who took Sammy Cash? Pay it back scammers.
If you haven't heard much from Iran these days, it's because the internet connection has reached an all time low followed by the government disruption on mobile data access. We are still fighting, we won't be silenced. IranRevolution