Expansive Condominium & Townhome Living Downtown.
What a difference a year makes. Buyer demand in Manhattan skyrocketed during the third Quarter of 2021, making it the market's best summer since 2007. Sales surged, reducing supply, shortening days on market, and stabilizing prices. Better value, low-interest rates, the need for more space, tightening supply, and high confidence are powering Manhattan's comeback, putting it on track to produce one of the best years ever for Manhattan real estate.
The Townhouse Market continues its rebound from sluggish sales of the past few years, with 55 trades in the 3rd quarter. Compare that to 2020's entire year of 74 trades and 2019's total of 94 sales. The shift Space became the new luxury with families both working and schooling from home. For condo owners, crisis. luxury amenities also meant higher monthlies even though they weren't accessible for almost 2 years in some elevators and crowds which became health threats during the worst of the Affluent buyers may continue to be less interested in traditional amenities going forward than they are in factors like space and safety.
New Developments rarely show all of their unsold inventory at once. Your salesperson may or may not have the authority to offer you apartments "out of line" or off-market within the building even though the sponsor may be willing to entertain an offer and sell you the home if you know what you want and you know that it exists.
Why the cat and mouse game? Imagine if you saw 20, 30, or 40 apartments for sale at the same time within a building. Would your impression be favorable? Beyond appearances, developers use their release plan to capitalize on strong sales for certain lines and hold back or move units depending on demand, increasing prices where possible.
They typically save Penthouses for last and frequently only start to make profit on the last 20-30% of units in a sell out. Are you totally in the dark then? Not anymore. Because all offering plans are filed with the Secretary of State. Contracts signed can be matched against total units and smart brokers can advise you on which units are still available even if the sponsor's Sales Rep is trying to sell you something out of their official availability list.
Call us today to schedule a consultation to sell or a private showing.