I have not been around much because I have been absolutely swamped in negotiating deals, working the buyers, sellers and speaking with past clients about what their mindsets are about today's market.
We are seeing massive sales activities in Manhattan New York Real Estate market. We are seeing buyers showing up in open houses, asking buying questions, and making offers, some losing bids to other higher bids and properties going into contract.
As we are approaching mid-Summer, we are seeing the sales activities getting picked up tremedously in the price point below $1M. In the past, the average sales price point has been around $1.2M for Manhattan New York Market, in the past quarter, we are seeing more than 50% of the contract signed has been below $1M. The first time home buyers are out, the renters that have been renting for the past few years, finally has a chance to come in to the market and able to enjoy the historic low mortgage rate.
In our Manhattan New York market place, we are seeing:
- First time buyers are showing up at open houses with their parents, spouses and ready to present offer
- The busiest price point we are seeing are between $500,000 to $950,000. Which in our market price can buy a studio to a large one bedroom condo or a small two bedroom condo.
- Buyers losing their desirable apartments because other buyers have outbid them.
- Not much of the 'deals' left in our market place.
- All Cash buyers are being outbid by mortgage needed buyers because sometimes 'All Cash' is not the king.
- Well priced properties are receiving multiple bids and contract signed within one week on market.
These indicators are telling me that Manhattan New York market is on its way of recovery. I sure hope this trend continues, and the Market should be back on our feet within the next few months!
How about you? What are you seeing in your market place?
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If you are looking for a Real Estate Professional who understands Manhattan New York Real Estate Market and are looking for the right investmentment, or are selling your property contact Eileen Hsu at (212)321-7122 or (917)837-8869 or email us at: ehsu(@)elliman.com
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