Manhattan Real Estate is finally back to normal
The Corcoran Group report showed a similar increase in sales. “A year and a half after the start of the pandemic, it’s safe to say that New York City has regained its mojo,” Pamela Liebman, president and CEO of Corcoran, said in a statement.
In recent months, buyers have turned to co-ops, a type of housing that had seemed to be losing favor in recent years. Co-ops accounted for 49 percent of all transactions, compared to 37 percent for existing condos, according to Corcoran. And in the post-pandemic market frenzy, downtown appears to have benefited at the expense of upscale neighborhoods, according to Compass, which reported that neighborhoods like Chelsea, SoHo and East Village accounted for 31% of all transactions.
For Elizabeth Stribling-Kivlan, senior managing director of Compass, one of the most encouraging developments of the spring was the improvement of the financial district, an area that became a veritable ghost town during the pandemic with the emptying of office buildings. Median prices there climbed 33% in a year, the biggest increase of any neighborhood, she said.
Yes, closed stores, sleepy business districts and gun violence make Manhattan feel different from before, she said. But with more workers expected to return to their offices this fall and beyond, the Borough should soon start to look like its old self.
“People feel like they want to come back there, they want to see what comes out of it,” she said. “It’s a new era for us.
Prices, however, can have ways to go. The price per square foot of resale apartments, which is a useful indicator as it monitors apartment size, actually declined this spring over a year ago, from $ 1,461 to $ 1,408. or 3.6%.
“The prices are still not at par with a year ago,” he said. The overall discount that buyers pay off list prices is 6.4%, which is better than 2020 but still above the decade average of 4.9%. “There is still a Covid discount,” Miller said, “but that is easing.”