Posted on 07/24/2020 6:46:17 PM PDT by Vendome
In nine weeks, the borough has seen just 25 luxury homes enter into contract, an 88% decline year over year
Buyers have signed deals for 25 luxury Manhattan homes since the crisis started nine weeks ago, compared to 207 contracts during the same time span last year, according to Olshan—a remarkable 88% decline year-over-year. The latest contracts highlighted some ways in which the crisis has changed buyers’ priorities to favor perks such as outdoor space.
The most expensive deal, for example, was a three-bedroom condo in one of the new Waterline Square buildings, a trifecta of glass towers each designed by a noteworthy architect, on the far West Side. The home, asking $5.15 million, spans a little more than 2,000 square feet, but the selling point was its 1,149-square-foot wraparound terrace.
(Excerpt) Read more at mansionglobal.com ...
New Yorkers definitely killed the formerly RED state of Vermont. They've been trying to kill many southern states, especially Florida.
Californians have been / are killing: Arizona, Nevada, Colorado, Idaho, Montana... and they're trying hard to kill Texas now.
With apologies to our wonderful conservative New York And California FReepers of course.
Sell while the market is hot! Y’all can move south now!
hone sales in most parts of the nation went through the roof in June ... expensive condos and such in Manhattan are tanking because the wealthy are fleeing from there in droves ...
I've been thinking, what (if anything) will I say if someone tells me "you have to put on a mask" as I am just walking around in the open (which is legal).
I've settled on "Thanks, Karen." Even if it's a guy.
Right now we would need a small army to help move hubby's stash of signed baseballs, bobbleheads, and other sports memorabilia. (Just kidding)
Oh, and I have a bit of "stuff" as well. LOL!
We've unfortunately squirreled away a lot of stuff (not all necessarily "junk") here in 27 years. We're working on reducing it.
Wish we had seen this boom coming. Hope it lasts a long time, but it probably won't.
Homes in L.A. are selling quickly and at a slight increase. You. must prove that you have financial already approved and ready to roll.
My neighbors house sold in a few days....7 figures.
ou must prove that you have financing pre-approved before a home will be shown to you.
There are no longer “open houses”. A house will. be shown to one or two parties who arrive separately. the house is sanitized between visits.
And in NYC, the millionaire tax, an additional 1-4% sales tax on luxury homes.
I know someone who owns a cottage on Cape Cod. They go there seasonally, so weren’t around the Cape in March, however from people they know they said it seems that many of the year-round cottages were rented by New Yorkers. Many Of the cottages on the Cape are seasonal and don’t have heat, so they really wouldn’t be suitable to live in in March, however the ones that did have heat were rented much earlier.
Out here where I live we get the rich and semi rich from Sacramento, San Francisco, and LA area buying homes with acreage every year.
They usually don’t last through the first harsh winter, one of their major complaints is “THERE’S NOTHING TO DO”.
They are absolutely right, there’s absolutely nothing out here but trees, wild life (some of which will eat you), beef, Rednecks, and dope growers who mostly don’t like neighbors.
(no, I am not a dope grower)
Imagine the cost of paying taxes on million dollar homes in NYC...
Good luck with that realtors...
Foreclosure time and price depreciaitiom is acoming
We left NYC on March 14 for New Hampshire and I’ve only gone back once to get my son’s pet lizard. Frankly, aside from the coronavirus drama engulfing the world, and also ironically because of it, this has been an amazing summer. I’m seriously thinking of letting the apartment go and staying up here
Like there’s a girl for everyone there’s a property for everyone
Just like there is always a choice between sovereignty and slavery, and that applies to both sex and real estate.
Loved the City By The Bay, not so much now. It is a disgrace what has become of it. The east side of Coit Tower hill had some well hidden beautiful homes along the switch back path & stairs. I also liked the area around Ghirardelli Square and Russian Hill. Knew it was going down hill when I started seeing billboards boasting cats and dogs as the “new kids” a few years back.
Regards.
I am not 100% sure if they killed it or are the reason it still exists.
If it wasn’t and hour and half away from New York, it would probably wouldn’t even have an economy worth mentioning
Not saying it is 100% perfect, but the New Yorkers do bring money in to the region.
It like the locals in Shore towns in New Jersey, they complain about the Bennys (people from Bayone,Brooklyn, New York, Staten Island etc) but do like the money spend in their towns.
Three thoughts:
1. Home prices reflect both the discounted burden of all future taxes, fees, “breakage” costs, private security measures, inconveniences, etc.
2. If the price drops far enough, then the market will clear; but because for a growing number of reasons (e.g., progressive & wealth taxes) the costs mentioned in #1 are rising much faster in higher-end properties, making the requisite high-end discount ridiculously high.
3. For me, the trick, I think, is to purchase a bigger-than-I-need second home or flat in Chicago once the floor drops out completely; because at some point — 5-10 years sanity and reasonableness will be restored. (I am not complacent about our country but always long-term bullish.)
Escape from NYC, Chicago, Seattle, Portland, Atlanta. Hmmmm.
Funny
Most people dont know about the hidden sidewalks and the really terrific homes make exploring fun
That article is from 2013 and A Pocono Place has changed a lot since then. New board members and better management and security. Plus new rules including new rules on rentals seemed to have helped a great deal.
Monroe County is the pits though
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