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How the pandemic crashed home prices in Manhattan: six examples from a realtor

'12.03.2021'

ForumDaily New York

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Famous New York realtor Dmitry Stasyuk told on your site that property prices in Manhattan have dropped dramatically during the coronavirus crisis. Some had to sell apartments for less than they bought them. Further - from the first person.

Photo: Shutterstock

In analytical reports, you can see that the fall in some areas of Manhattan was 15-20%. But what does this average temperature in the ward give us? They buy not the average market, but specific objects.

Therefore, I decided to show the discounts using the example of closed deals. Why am I showing closed deals and not currently being sold apartments? Because for the apartments on the market, we see the price that the seller wants, but we do not know how much the buyer is bargaining for and, as a result, the buyer will pay. Closed deals show the real picture of the market.

1 Riverside Boulevard # 120A. Discount 5%

The owner of this apartment bought it in 2014 for $ 1. In mid-150, he put it up for sale for $ 000. It was the height of the coronavirus crisis, and the price had to be reduced first to $ 2020, and then to $ 1. The apartment was sold in January 195 for $ 000.

At 902 ft² / 84m² this gives $ 1 per ft² / $ 064 per m². The final discount was 11% of the initial selling price. Compared to the purchase price, the owner lost 429%.

2 Riverside Boulevard # 100T. Discount 12%

One bedroom apartment measuring 760 ft² / 71m² was put up for sale in the summer of 2020 for $ 725 and sold a couple of weeks later for $ 000 (only $ 715 per ft² / $ 000 per m²). The discount seems to be minimal, only 941%. But the sale price was initially quite low, so the apartment was gone in just a few days. For comparison, the lowest price for this home in 10 was $ 070 / ft² / $ 1,4 / m², which means that apartment 2019T was sold at a discount of 1% off the 088 minimum price record.

If you look at the history of the sale of this apartment, then in 2013 the price was $ 865, and before that, in 000, it was $ 2008. Thus, quite recently this apartment was sold at a price that had not been on the market for at least 880 years.

3 William Street # 15G. Discount 8%

Now fast forward to Manhattan's financial district and take a look at the 15 William Street condominium. In this residential building, a one-bedroom apartment with a total area of ​​800 ft² / 74 m² was sold in October for $ 837.

In 2019, this apartment was put up for sale for $ 1, but after 199 months it was removed from the market. With the outbreak of the pandemic, the apartment was put up for $ 000, in the middle of last summer they threw off another $ 6 and in the fall they finally sold for $ 999. This is a 999% drop during the pandemic. And minus 100% of the 000 sale price.

The owner bought this apartment in 2015 for $ 885. This means that he lost almost $ 877 thousand only on the difference in the purchase and sale.

Photo: Shutterstock

4 Greenwich Street # 88. Discount 323%

In 2019, a 605 ft² / 56 m² studio was put up for sale for $ 770 and was taken off the market just before the pandemic. In the summer of 000, they were already exposed at a price of $ 2020. After a few months, they lowered the price to $ 665 and finally sold in December for $ 000 ($ 599 per ft² / $ 000 per m²). Thus, during the pandemic, the price fell by 550%. And since 000, the decline has been 909%.

The owner bought this apartment for $ 495 back in 000. A very modest result of $ 2010 thousand in 55 years - this is what it means to sell at the bottom of the crisis.

5 Washington Street # 123A. Discount 51%

And again the financial district. With the closure of the offices under quarantine, the area has been hit hardest by the pandemic.

In 2017, this apartment was put up for sale for $ 2 (a great option on the 395st floor - the Statue of Liberty can be seen even from the toilet). After hanging on the market for 000 years, the apartment fell in price to $ 51, after which it was removed from the market. Then the apartment was clearly overvalued, so we will not take these numbers into account at all - the pandemic has put everything in its place.

Last summer this apartment was put up for $ 1, two months later it was lowered to 425, and eventually sold for $ 000. In total, in just a few months the price dropped by 1%.

Perhaps the discounts will not seem so great to some. But it depends on what to compare. For a clothing store, where we expect a season of 50-80% discounts, these are, of course, not indicators. But Manhattan real estate is, first of all, stability, and fluctuations of only 5% were already significant for the market. In addition, we considered a relatively low budget. Yes, for Manhattan, prices under $ 1 million are the entry level. If we do not limit ourselves to the budget, then we can find discounts like in clothing stores. I will give just one example.

6 West 157th Street # 57A. Discount 58%

The owner bought the apartment in 2014 for $ 30. In March 551 he put it up for $ 000. In October he reduced the price by 2020% to 24. And in December he sold it for only $ 800. This is 000% lower initially. declared price. And 10% below the price the owner once paid the developer. Bought badly, sold badly - and lost almost $ 22 million.

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