Reports of NYC’s real estate market crash have been greatly exaggerated (New York: apartment, rentals)
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If you read most click-bait headlines, the Big Apple residential property scene appears on the brink of collapse. A record 67,300 rental units are vacant! Sixty percent of available new condo units remain unsold! The number of empty rentals in Manhattan is now 4.3 percent — the highest it’s been in 14 years!
A few have fled to the suburbs, buying homes sight unseen, telling real-estate brokers, “I’ll take whatever you’ve got.” One recent story even claimed that New Yorkers are fleeing the city for Philadelphia. Based on net migration from February to September, 3,750 people have left the Big Apple for Philly, leaving approximately 8,319,590 of us behind. The exodus will imperil developers’ and landlords’ ability to stay afloat, which in turn threatens tax revenue on which the city depends!
The trend so far seems to be falling prices of high-end Manhattan condos but a more stable outer-borough housing market. A new fully-detached 2-family house near my house on the east shore of SI was just purchased for $1,07M. And this was just your plain 2-family home. A smaller detached new 2-family home right across from S.I. Tech HS went for $960K in May of this year.
It seems like no one is moving back to Midtown/Downtown though. My company has three residential buildings, and are all a little under half vacant. Granted we are heading into the slow fall/winter season.
A family friend passed away during COVID in Manhattan (it will take months to confirm if it was due to COVID or something else) and his midtown apartment is valued less now than when he bought it years ago. Prestige or undervalued properties might be selling now but in general things are soft.
It seems like no one is moving back to Midtown/Downtown though. My company has three residential buildings, and are all a little under half vacant. Granted we are heading into the slow fall/winter season.
I wonder how much of that is covid-19, and how much is NYC's skyrocketing crime rate and massive decline in quality of life??
A family friend passed away during COVID in Manhattan (it will take months to confirm if it was due to COVID or something else) and his midtown apartment is valued less now than when he bought it years ago. Prestige or undervalued properties might be selling now but in general things are soft.
Lol things are soft.
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If you read most click-bait headlines, the Big Apple residential property scene appears on the brink of collapse. A record 67,300 rental units are vacant! Sixty percent of available new condo units remain unsold! The number of empty rentals in Manhattan is now 4.3 percent — the highest it’s been in 14 years!
A few have fled to the suburbs, buying homes sight unseen, telling real-estate brokers, “I’ll take whatever you’ve got.” One recent story even claimed that New Yorkers are fleeing the city for Philadelphia. Based on net migration from February to September, 3,750 people have left the Big Apple for Philly, leaving approximately 8,319,590 of us behind. The exodus will imperil developers’ and landlords’ ability to stay afloat, which in turn threatens tax revenue on which the city depends!
It’s time for a reality check.
I love it. The Post itself has pushed more NYC real estate market has crashed/is crashing stories than any other publication that I have seen. And now suddenly they are reversing course and contradicting their own reporting.
What a joke.
I love it. The Post itself has pushed more NYC real estate market has crashed/is crashing stories than any other publication that I have seen. And now suddenly they are reversing course and contradicting their own reporting.
What a joke.
hes cherry picking the data residential is diff. and is typically "recession" proof. Push come to shove just sell the property.
Most commercial real estate is financed via debt. Retail getting slaughtered. Offices might be next.
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