This million-dollar property, highlighted on the New York Post YouTube channel, is priced so high, it’s criminal. Located in the hip Bedford-Stuyvesant neighborhood of Brooklyn, this NYC home has more holes than Swiss cheese. Inside the smashed-up property you’ll find bullet-proof glass, an ATM machine and a filthy toilet. The listing price: $1 million, cash.
Source: Statista
Reading the tabloids of New York City gives one the feeling that a great mass exodus of people are leaving the city for good in search of greener, more-spacious pastures. While the data on just how many people are leaving the Big Apple is still inconclusive, monthly reports on apartment purchases show Manhattan is far from where it was a year ago.
A new report from real estate firms Douglas Elliman and Miller Samuel show new contracts to buy co-op apartments in Manhattan were still down 26 percent in August compared to this same time last year. The previous three months, however, were much worse, with new contracts down 80 percent in May, 78 percent in June and 57 percent in July.
The borough of Brooklyn to the east of Manhattan saw a significant resurgence in new co-op apartment purchases, rising 182 percent in August compared to a year ago. Brooklyn had similar declines to Manhattan in May and June but rebounded in July.
The Hamptons and Greenwich are some of the top get-away destinations for affluent New Yorkers, and data shows a surge in single-family home purchases in these areas coinciding with the decline in apartment purchases in Manhattan. New purchases in the Hamptons are up by over 100 percent on average over the past three months, while Greenwich purchases increased by nearly 200 percent in August.
Source: Statista
The COVID-19 lockdowns in New York City have caused an exodus of people fleeing the city in search of an escape from the dense urban metropolis. Now, a recent report shows just how badly new property leases have been affected by the crisis.
In a new property report from Miller Samuel and Douglas Elliman, new leases in Manhattan between May 2019 and May 2020 dropped by an astounding 62 percent. Similar numbers were observed in Brooklyn and Queens, where the year-over-year change in May showed a decrease of 54 percent and 61 percent, respectively, in new leases.
This decrease in demand has been countered by a surge in available apartments. In Manhattan, the year-over-year change in new available apartments for May has increased by 34 percent, with similar numbers in Brooklyn and Queens. This is a record high for the Miller Samuel report, which started in 2006.
While prices have yet to see any significant drops, analysts predict more aggressive price drops for Manhattan apartments on the horizon as the real estate industry potentially reopens in June or July.
