When the coronavirus pandemic first hit the United States, New York City became its instant epicenter. And while the epidemic has unfortunately spread across the country, the impact on New York has been more pronounced. Not only is New York City’s unemployment rate above the national average, but its real estate market has been particularly sluggish over the past 12 months.
But things improved significantly in February on the residential real estate front. And now, there’s reason to believe New York could stage a quicker-than-expected comeback.
Apartment sales are finally resuming
Throughout 2020, many of the city’s residents abandoned New York and fled to the suburbs, where home sales boomed instantly. But the flip side was to bring down demand within city limits and record prices for residential housing.
Overall, apartment prices have fallen by about 10% on average in Manhattan. But there are bigger discounts to be had. Many condominiums have slashed prices by 20% or more, while luxury apartments on “Billionaire’s Row” in midtown Manhattan sold for less than half of peak 2015 prices.
It was these low prices, however, that have now fueled a surge in apartment sales, which rose 73% in February alone. In fact, in the first two months of 2021, 2,472 contracts were signed – the highest level since Manhattan’s residential real estate market peaked in 2015. And sales contracts topped $ 5 billion as high as $ 5 billion. ‘now this year.
A key window closes for investors
An increase in residential sales is a good thing for New York City. But real estate investors looking to jump into the action may need to act quickly to recoup residential properties while they are still relatively cheap.
Last fall, Manhattan had 9,400 unsold apartments on the market. Today, this supply has fallen to 7,500, close to the historical average. Those looking to get a good deal may want to line up financing and start looking for an apartment now, before prices start to climb and stocks run down even more.
Another thing to remember is that as things improve when it comes to the pandemic, there may be an influx of Manhattan buyers willing to commit to owning a home. As such, investors might see competition in various corners of the market, from low-end studios to high-end homes listed in the millions.
In this sense, those who buy income properties in order to rent them out may want to act quickly. Chances are more employers will call workers back to the office once vaccines become more widely available. At this point, many tenants are inclined to crave proximity to office buildings, and new Manhattan apartment investors will have a real opportunity to capitalize on this need.
Millionacres net profit
All in all, now is a good time for investors to study Manhattan real estate and add to their portfolios – before demand spikes and higher prices take that option or make the purchase in New York much less profitable.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
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