Monday, March 1, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Trade News Today
Advertisement
  • Home
  • Trade News
    • All
    • Business
    • Cryptocurrency
    • Dow Jones
    China Charges Ahead With a National Digital Currency

    China Charges Ahead With a National Digital Currency

    Did You Just Miss 1 of the Stock Market’s 20 Best Days Ever? Don’t Panic

    Did You Just Miss 1 of the Stock Market’s 20 Best Days Ever? Don’t Panic

    Global 3D Concrete Printing Market – Growing Trade Among Emerging Economies

    Global 3D Concrete Printing Market – Growing Trade Among Emerging Economies

    Latest Covid-19 vaccine and world news

    Latest Covid-19 vaccine and world news

    ($BTC), Tesla Motors, Inc. (NASDAQ:TSLA) – Dogecoin Gets New Wings With

    ($BTC), Tesla Motors, Inc. (NASDAQ:TSLA) – Dogecoin Gets New Wings With

    Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad

    MTN Nigeria 4Q Net Profit, Revenue Rise

    Global Pre-Trade Risk Management Solution Market Size, Analytical Overview,

    Global Pre-Trade Risk Management Solution Market Size, Analytical Overview,

    CDC advisers recommend Johnson & Johnson single-dose vaccine, paving the way for

    CDC advisers recommend Johnson & Johnson single-dose vaccine, paving the way for

    Bitcoin extends retreat from record high to hit lowest in 20 days

    Bitcoin extends retreat from record high to hit lowest in 20 days

    • Business
    • Dow Jones
    • Cryptocurrency
  • Investing
    • All
    • Automobiles
    • Diamonds
    • Gold
    • Oil & Gas
    • Real Estate
    Gov. Cuomo’s Administration Hires Criminal Defense Lawyer

    Gov. Cuomo’s Administration Hires Criminal Defense Lawyer

    Retailers and CRE Companies Optimistic About Strong Recovery, Continued

    Scorpio Gold Updates Reporting at Mineral Ridge Project

    Fancy Contrarian Opportunity

    Fancy Contrarian Opportunity

    Venezuela’s oil exports rose in February pushed by larger fuel oil sales to

    Venezuela’s oil exports rose in February pushed by larger fuel oil sales to

    The Florida housing market is booming. Is a crash ahead? | Florida Trend Real

    The Florida housing market is booming. Is a crash ahead? | Florida Trend Real

    Fiat Chrysler Automobiles pleads guilty in U.S. labor probe By Reuters

    Fiat Chrysler Automobiles pleads guilty in U.S. labor probe By Reuters

    Tesla alternatives in the EV battery market

    Tesla alternatives in the EV battery market

    Polymetal upbeat on growth in ore reserves

    Polymetal upbeat on growth in ore reserves

    (Stock Symbol: BGDAF) Boasts an Impressive Mining Team Focused on Proven

    (Stock Symbol: BGDAF) Boasts an Impressive Mining Team Focused on Proven

    • Real Estate
    • Diamonds
    • Gold
    • Oil & Gas
    • Automobiles
  • Forex Analytics
    • All
    • Central Bank Views
    • Market Overviews
    Gold Futures Snap Six-session Losing Streak, Settle Modestly Higher

    Italy Consumer Prices Rise Unexpectedly In February

    First-step analysis: cryptoasset trading in Singapore

    2020 in Financial Services – Lexology

    EUR/CHF Daily Outlook | Action Forex

    EUR/CHF Daily Outlook | Action Forex

    RBA Extends Asset Purchases of AUD 100B Until September

    RBA Preview – Assessing Impacts of Rising Yields on Economy after Unexpected

    Will USD/CAD, WTI Fall as Long Bets Rise?

    Will USD/CAD, WTI Fall as Long Bets Rise?

    FinanceFeeds | SEC boosts ESG oversight to address corporate greenwashing

    FinanceFeeds | SEC boosts ESG oversight to address corporate greenwashing

    Juyeol Lee: New Year Speech

    What 31 provinces reveal about growth in China

    USD/CHF Weekly Outlook | Action Forex

    USD/CHF Weekly Outlook | Action Forex

    Juyeol Lee: New Year Speech

    Digital currencies and the future of the monetary system

    • Central Bank Views
    • Market Overviews
  • Politics
  • Business
  • Markets
  • Retail
  • Personal Finance
Trade News Today
No Result
View All Result
Home Trade News Dow Jones

Manhattan Home Sales Revive as Lower Prices Lure Buyers

February 4, 2021
in Dow Jones
3 min read
Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad
Share on FacebookShare on Twitter


 By Will Parker 

Manhattan’s condo market is bouncing back after being slammed during the pandemic’s early months, with the gains powered by pied-à-terre buyers and those seizing the chance to acquire roomier primary residences.

New condominium sales contracts rose 21% in January and December from the same months a year earlier, according to real-estate analytics company UrbanDigs. That marked a broad improvement for the battered condo sales market in the New York City borough, even as Manhattan offices remain largely empty and some retailers and restaurants have closed for good.

Condos and co-ops on the Upper West and Upper East sides recorded the strongest sales activity, UrbanDigs data shows, though some big-ticket, high-profile sales occurred downtown. Super Bowl quarterback Tom Brady and his supermodel wife Gisele Bündchen sold their Tribeca condo for $37 million.

Real-estate brokers say Manhattan’s recent turnabout reflects pent-up demand and tighter suburban inventories, as well as growing buyer confidence that the worst of the Covid-19 pandemic might be behind the city and that its home prices look poised to rise further.

“I think people started to see with the depletion of inventory, with the vaccine around the corner, a renewed positive opinion about the health of the city,” said Nikki Field, a broker at Sotheby’s International Realty Inc.

Ms. Field added that some buyers worry about possibly missing out on good deals. “The fear is that we may be looking at the bottom of the market and living there now,” she said.

Manhattan has long been home to some of the highest home prices in the country, leading to an average condo sale in the borough of about $3 million in 2018. The market hit a rough patch in 2019, but was beginning to emerge from it as the pandemic began — until Covid-19’s ensuing impact hurt the Manhattan market more than it has nearly any other major city.

When companies based in Manhattan let employees work from home as the city shut down, many workers fled for cheaper cities or more spacious towns and suburbs within driving distance. A net of 70,000 residents left the New York metropolitan region over the course of 2020, according to estimates by location-analytics company Unacast.

Manhattan sales nosedived 54% during the second quarter, according to a report from real-estate appraisal firm Miller Samuel Inc., the biggest quarterly decline in the 30 years the firm has tracked this data.

Prices of closed condo sales in Manhattan were down more than 20% in the fourth quarter of last year compared with the previous quarter, and the average unit sold for roughly $2.7 million in the most recent quarter, according to Miller Samuel. Co-operative apartments, which are less expensive because they tend to be older, smaller and carry more restrictive ownership rules than condos, sold for an average price of $1.13 million. But their prices have held up better, slipping only about 7% between the third and fourth quarters.

Some buyers say they enjoyed being in control. Shuko Hattori, a mother of two who works in finance, went into contract on a two-bedroom Upper West Side co-op in November. Ms. Hattori said she last purchased a home in Brooklyn in 2016, and found shopping for a home during the pandemic much more buyer-friendly because there were more properties to choose from in Manhattan than usual and more time to make a decision.

“The last time I looked, things were flying off the market,” she said. “Now I feel like the prices are lower. No one is paying over ask. So that’s obviously different.”

Real-estate investors and families purchasing properties for their children have also helped boost sales. That was the case for Joy Wu, a 23-year-old product manager for a medical-supplies company, whose parents bought a new two-bedroom apartment for her at 15 Hudson Yards, the 914-foot-tall skyscraper on Manhattan’s West Side.

She and her broker were able to negotiate a discount off the original asking price. “My parents were saying, from an investor perspective, this is just the time to do it,” Ms. Wu said.

Some high-end renters are also taking advantage of discounts to buy for the first time, though the most successful and qualified buyers have tended to be those who already own condos in the city, but are looking to upgrade, said Beth Fisher, senior managing director of new-development marketing firm…



Read More: Manhattan Home Sales Revive as Lower Prices Lure Buyers

Tags: buyershomeLureManhattanPricesReviveSales
Previous Post

Stock futures extend gains in late trading

Next Post

Price of dogecoin rises by 50% following Elon Musk tweet | Stock markets

Related Posts

Did You Just Miss 1 of the Stock Market’s 20 Best Days Ever? Don’t Panic

Did You Just Miss 1 of the Stock Market’s 20 Best Days Ever? Don’t Panic

by Trade News
March 1, 2021
0

The stock market got off to a strong start in the month of March, standing in stark contrast to...

Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad

MTN Nigeria 4Q Net Profit, Revenue Rise

by Trade News
March 1, 2021
0

By Adria Calatayud MTN Nigeria Communications Ltd. said Sunday that net profit for the fourth quarter of 2020 rose...

Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad

Herbalife to Name Three New Directors as Icahn Era Ends

by Trade News
February 28, 2021
0

By Cara Lombardo Herbalife Nutrition Ltd. plans to overhaul its board as Carl Icahn winds down his eight-year involvement...

Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad

J&J Covid-19 Vaccine Authorized for Use in U.S.

by Trade News
February 28, 2021
0

By Peter Loftus and Thomas M. Burton U.S. health regulators authorized the first single-dose Covid-19 vaccine, according to people...

What’s next after the record high on Dow Jones?

What’s next after the record high on Dow Jones?

by Trade News
February 27, 2021
0

On Wednesday, the US Dow Jones market closed at a historical high of 31,961 and the market sentiment looks...

Next Post

Price of dogecoin rises by 50% following Elon Musk tweet | Stock markets

0 0 vote
Article Rating
Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Today Trend News

DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class

DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class

February 16, 2021
Webinar: How Small and Mid-sized Businesses Overcome Automation Barriers by

Webinar: How Small and Mid-sized Businesses Overcome Automation Barriers by

February 25, 2021
Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad

UK Consumer Confidence Rises to Postpandemic High as Economic Expectations Soar

February 19, 2021
bne IntelliNews – Russia’s paper and pulp company Segezha is tapping Russia’s

bne IntelliNews – Russia’s paper and pulp company Segezha is tapping Russia’s

February 26, 2021
Stock Market Bounces Back for Right Reasons. Here’s Why.

Stock Market Bounces Back for Right Reasons. Here’s Why.

February 6, 2021
Edited Transcript of TBCG.L earnings conference call or presentation 18-Aug-20

Edited Transcript of TBCG.L earnings conference call or presentation 18-Aug-20

August 28, 2020
Juyeol Lee: New Year Speech

Regulatory capital, market capital and risk taking in international bank lending

February 25, 2021
Bitcoin plunges 17% as record-shattering rally succumbs to valuation fears |

Bitcoin plunges 17% as record-shattering rally succumbs to valuation fears |

February 22, 2021

Don't miss it

China Charges Ahead With a National Digital Currency
Cryptocurrency

China Charges Ahead With a National Digital Currency

March 1, 2021
Did You Just Miss 1 of the Stock Market’s 20 Best Days Ever? Don’t Panic
Dow Jones

Did You Just Miss 1 of the Stock Market’s 20 Best Days Ever? Don’t Panic

March 1, 2021
Gov. Cuomo’s Administration Hires Criminal Defense Lawyer
Investing

Gov. Cuomo’s Administration Hires Criminal Defense Lawyer

March 1, 2021
Retailers and CRE Companies Optimistic About Strong Recovery, Continued
Gold

Scorpio Gold Updates Reporting at Mineral Ridge Project

March 1, 2021
Fancy Contrarian Opportunity
Diamonds

Fancy Contrarian Opportunity

March 1, 2021
Venezuela’s oil exports rose in February pushed by larger fuel oil sales to
Oil & Gas

Venezuela’s oil exports rose in February pushed by larger fuel oil sales to

March 1, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 NewsForTrade.com

No Result
View All Result
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 NewsForTrade.com

wpDiscuz
0
0
Would love your thoughts, please comment.x
()
x
| Reply