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A recent report shows that “Manhattan real estate sales soared by 73% in February”, according to NYC real estate analyst, Jonathan Miller. In fact, February marked the third straight month we’ve seen year-over-year gains with more than 1,110 sales contracts signed.  

Much of this was driven by lower sales prices, which fell about 10% in Manhattan. These price cuts are drawing buyers back to the city on the heels of the increased distribution of the COVID vaccine. People are taking advantage of historic lows while cash is cheap—buying/investing in NYC real estate, in anticipation of prices eventually going back up.  

We will continue seeing more people return to the city they love as things gradually return to some sort of normal with restaurants serving 50% indoor capacity beginning March 19 and the recent announcement on plans to reopen Broadway and large venues by fall. If you currently live in the city, then most likely you are also feeling a sense of optimism among locals especially now as the weather begins to warm up.  

I should caution you that the negotiations and price cuts we’re currently seeing could very well be short-lived, given this spike in demand. Timing is everything so if you have the means to buy and/or invest, I encourage you to strike while the iron is hot.  
Let’s talk.
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Serjik ( Serj ) Markarian
Lic. Assoc. R.E. Broker
212.796.6110
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My business is proudly built on referrals. Who do you know that I can help find their perfect home?
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