RealtyHop Price Drop Report: June 2020 (Lincoln: transplants, for sale, real estate)

[Aeran]

Interesting report.

https://www.realtyhop.com/blog/realt...ort-june-2020/

"For the month of June, we have Lincoln Square at the top of the list in terms of being one of the neighborhoods that saw the most price drops in the past month."

"For the month of May, the number one neighborhood with the highest median percentage price drop was located in Brooklyn. Bushwick North took the lead...Last month, we saw North Corona, Queens securing the number one spot. This month, however, North Corona didn’t make the list."

[vision33r]

This year we've seen the biggest rise to drop I ever seen since 9/11. But unlike 9/11, the prices of NYC RE isn't going to recover that quickly. We haven't seen the bottom yet for NYC.

[sw887638]

Bottom after the last crash was in 11-12 if I remember correctly. I'm more interested in seeing what happens whenever real estate opens back up. Phase 2? Or was it 3? The burbs are on fire from what I hear. Good for those agents out there I guess.

[bluedog2]

Originally Posted by vision33r

This year we've seen the biggest rise to drop I ever seen since 9/11. But unlike 9/11, the prices of NYC RE isn't going to recover that quickly. We haven't seen the bottom yet for NYC.

I don't know. "Price drops" don't really mean much of anything if they are just drops from wildly inflated asking prices . More important is what is what things actually sell for in comparison to the prior year. There were 3 apartments listed for sale in my building when the virus hit in March. Nothing happened for two months . Suddenly in the last few weeks 2 of the 3 have gone into contract in line with pre pandemic prices.

I think ,as after real estate meltdown in 2007/2008/2009, many areas of NYC will see virtually no price declines. Maybe a few years of stagnancy before any upward trend but definitely no meltdown.

Some neighborhoods with large populations of more recent transplants with a lot of resources are probably more susceptible to significant downturns. Most of us either wouldn't or couldn't consider buying anything in these neighborhoods anyway.... even after big "price drops."

[Gasolin]

Originally Posted by bluedog2

I don't know. "Price drops" don't really mean much of anything if they are just drops from wildly inflated asking prices . More important is what is what things actually sell for in comparison to the prior year. There were 3 apartments listed for sale in my building when the virus hit in March. Nothing happened for two months . Suddenly in the last few weeks 2 of the 3 have gone into contract in line with pre pandemic prices.

I think ,as after real estate meltdown in 2007/2008/2009, many areas of NYC will see virtually no price declines. Maybe a few years of stagnancy before any upward trend but definitely no meltdown.

Some neighborhoods with large populations of more recent transplants with a lot of resources are probably more susceptible to significant downturns. Most of us either wouldn't or couldn't consider buying anything in these neighborhoods anyway.... even after big "price drops."

Agreed, the price drop is probably a myth. I can see a bit of "stagnation".