3 ms·
>>Both my neighbors sold in the last 3 months. Lots of people leaving, but since their properties sold it also means that people are, by definition, also buyin
by otoburb 6y ago
>>Both my neighbors sold in the last 3 months.
Lots of people leaving, but since their properties sold it also means that people are, by definition, also buying and moving in. The key is not "how many people are leaving" but the net outflow.
I think there would be a more serious problem if property owners are trying to leave the city but cannot sell their units. But the property sales volume (i.e. completed closings) seem to be picking up again[1] in the city.
[1] https://www.propertyshark.com/Real-Estate-Reports/2020/08/25/nyc-real-estate-covid19/ https://www.propertyshark.com/Real-Estate-Reports/2020/08/25...
- lallysingh 6y agoYeah, but the demand is ultimately measured by the prices the city properties are sold at. FTA: * At $1.065 million, Manhattan YTD median slides 15% below 2019 figures * Brooklyn median drops 9% Y-o-Y, virtually erasing year-to-date gains 9-15% is a huge set of 1-yr drops.
- otoburb 6y agoIf the number of sales are picking up again after prices have dropped so dramatically then I view the uptick in demand as a positive sign that aspiring property owners have found new market clearing prices and are willing to move into the city. I'd be much more alarmed if the prices kept/keep dropping further.