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I live in Manhattan and this article is complete bullshit and riddled with errors. For example, he's claiming that rents are down 30-50%, which isn't remotely t
by CydeWeys 6y ago
I live in Manhattan and this article is complete bullshit and riddled with errors. For example, he's claiming that rents are down 30-50%, which isn't remotely true.
I'm not going to bother wasting my time on a point-to-point refutation on all the ways it's wrong, but suffice it to say it is completely wrong. Yes, the city is suffering, but not remotely to the degree portrayed here.
- mrgordon 6y agoYeah I keep checking rents and they really haven’t come down much. Maybe 10% at most from a very high peak. I wish people would stop getting me excited by claiming there are some huge deals to be had.
- jasode 6y ago>, he's claiming that rents are down 30-50%, which isn't remotely true. Based on conflicting information via google search, I'm guessing it's the sale transactions[1] that are down ~30% to 50% or more. Therefore, author mistranslated sales volume statistic into sale prices. If sellers are not willing to lower prices but potential buyers don't want to pay because they think the properties are now worth less because of COVID, it seems that the logical outcome is less sales transactions. [1] example story: https://www.cnbc.com/2020/07/02/manhattan-apartment-sales-worst-on-record-biggest-plunge-in-30-years.html https://www.cnbc.com/2020/07/02/manhattan-apartment-sales-wo... excerpts: >The total number of sales in the second quarter fell by 54%, the largest percentage decline in 30 years, >The number of new signed contracts for co-ops fell 78% in June compared with a year ago, >Signed contracts for condos were down 74%. Co-ops in the $2 million to $4 million range were hit hardest in June, with an 86% decline.