I have not been around much because I have been absolutely swamped in negotiating deals, working the buyers, sellers and speaking with past clients about what their mindsets are about today's market.
We are seeing massive sales activities in Manhattan New York Real Estate market. We are seeing buyers showing up in open houses, asking buying questions, and making offers, some losing bids to other higher bids and properties going into contract.
As we are approaching mid-Summer, we are seeing the sales activities getting picked up tremedously in the price point below $1M. In the past, the average sales price point has been around $1.2M for Manhattan New York Market, in the past quarter, we are seeing more than 50% of the contract signed has been below $1M. The first time home buyers are out, the renters that have been renting for the past few years, finally has a chance to come in to the market and able to enjoy the historic low mortgage rate.
In our Manhattan New York market place, we are seeing:
- First time buyers are showing up at open houses with their parents, spouses and ready to present offer
- The busiest price point we are seeing are between $500,000 to $950,000. Which in our market price can buy a studio to a large one bedroom condo or a small two bedroom condo.
- Buyers losing their desirable apartments because other buyers have outbid them.
- Not much of the 'deals' left in our market place.
- All Cash buyers are being outbid by mortgage needed buyers because sometimes 'All Cash' is not the king.
- Well priced properties are receiving multiple bids and contract signed within one week on market.
These indicators are telling me that Manhattan New York market is on its way of recovery. I sure hope this trend continues, and the Market should be back on our feet within the next few months!
How about you? What are you seeing in your market place?
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We specialize in Manhattan New York Condominiums, townhouses, condops and cooperatives. We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate needs in private. Thank you.
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Eileen
I am in the east bay area in California -- east of San Francisco.
And we're seeng an increase in the number of buyers wanting to get going. There are so many incentives that they are afraid they'll miss out. Some buyers are still waiting for the bottom --- but in many cases, we're now on the upswing.
Just read that the interest rates have gone up above 5%. Wonder if that will entice more buyers to act?
Pacita, I have been telling buyers in many occasions that the interest rate is going to go up in the next few months but many has failed to listen. Not to mention the inflation is coming, and when the inflation hits, we are going to see all the property prices goes up! I would urge the buyers to act, because money is on sale right now!