Go figure: Real estate prices fall sharply in New York

Go figure: Real estate prices fall sharply in New York

[Ed. – The article is kind of interesting, as it seems to avoid any conclusive comments about what’s going on.  Its point that many of the sales included in the analysis were agreed to before the pandemic hit is a valid one.  But a lot of New Yorkers selling at a discount would probably say it’s all of a piece: the reason for selling and getting out started before the virus and the riots, but it’s the same reason the city leadership’s response to those crises has fallen so woefully short.  Bottom line: it was already starting to suck a lot more to live in NYC – because of de Blasio and Democratic policies.]

Even after a full quarter of sales data in the middle of the pandemic, it is difficult to define the form of a possible recovery. More than 90 percent of second-quarter sales were actually signed before the virus hit New York in March, said Bess Freedman, managing director of brokerage firm Brown Harris Stevens.

“A lot will depend on what happens with schools at the end of the summer,” said Freedman, as few potential buyers with children who have left town to escape the pandemic will choose to return if virtual classes continue. …

Last week, 550 new listings hit the market, almost twice as many as the same week last year, according to UrbanDigs, a real estate data company.

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