Real estate sales prices in NYC are plummeting (New York, York: rent, crime)
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It could be just the beginning of a dip so I'd hold off on buying. There's no telling what mayor De BlahBlah will do next. Not to sound like a broken record but if he drives the city back into the 70s (which he is doing), coupled with work from home, nobody will want to live here and prices won't recover.
first off we had a ton of high end sales last year which were rushed through to avoid the new mansion tax this year .
so we had a skewed average price artificially inflated by sales last year because we had so many high end sales then we typically do .
the other thing is we don't have a comparable sample to compare to last year .
we had realitvely few sales because no one was out looking and brokers were not working .
you may have had some low end sales and even less high end sales because of last years rush to avoid the mansion tax and that is enough to distort the numbers
I’m certain price are dropping. My wife is getting calls from realtors in Brooklyn asking to make any offer on stuff we looked at a year or so ago.
They don’t really know what the true price is? People are fleeing the city that’s for sure, crime is surging that’s also very true . I wouldn’t listen to anyone who tells you values are not falling . Real estate agents and agency’s are holding on by a thread at this point.
“Last one out of NYC shut the lights”
There will always be desperate sellers in any economy ...there are so few homes that are being shown yet and so few buyers actually looking at this stage that you can’t tell a thing yet.
Most sellers have held back even listing yet as they don’t want strangers in their homes yet
Doesnt mean anything. New Yorkers will now go on google and look up ways to complain now that their complaints of rent is now being solved lol. But I look forward to this as NY OG. Cant wait to buy something soon.
first off we had a ton of high end sales last year which were rushed through to avoid the new mansion tax this year .
so we had a skewed average price artificially inflated by sales last year because we had so many high end sales then we typically do .
the other thing is we don't have a comparable sample to compare to last year .
we had realitvely few sales because no one was out looking and brokers were not working .
you may have had some low end sales and even less high end sales because of last years rush to avoid the mansion tax and that is enough to distort the numbers
Response:
The wait game is for those that have time on their
side and are not in a rush. Prices will fall in many areas.
Those folks will do well.
For those areas in high demand. It is still a money game.
Stay away from anyone wanting to work under the table. Still illegal.
A million dollar plus home will bite you for a little over $100,000 on the mansion tax but folks are still willing to
pay it down just to own what little is left of the good stock. Prospectus are still lining up like ducks in a row. Open
house for a good property and cash / offer above listing accepted within 48 hours ? .......just remarkable!
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