Some Intrepid Souls See Value In New York City Real Estate
Michael Haltman, Hallmark Abstract Service
CEO, Hallmark Abstract Service (New York Title Insurance); Board Chair Combat Veteran Heroes To Heroes Foundation; Podcast Host 'Do You Ever Wonder?'
New York City: 'The reports of its death have been greatly exaggerated!'
New York City is currently going through extremely difficult and uncertain times due to the coronavirus pandemic, the vast associated health and economic impacts, and the social upheaval occurring here and in cities around the world.
That said, all is not lost.
The cliche of time heals all wounds that rang true here post-9/11 and 2008 financial crisis among others has some intrepid souls making the move to, and around, the Big Apple now!
‘...some buyers and renters have zigged while others zagged. They spent the spring snapping up apartments — unfazed by apocalyptic headlines and convinced that New York’s problems are temporary…'
Of course the picture, despite those few who are making a move to NYC or to new locales around NYC, is not all peaches and cream.
‘...a sharp drop-off (in real estate activity) is clear. Between Apr. 1 and June 30, buyers signed 696 contracts for condos, co-ops and townhouses in Manhattan, according to GS Data Services, a research company. That represents a 78 percent drop from the same period in 2019, when there were 3,229 signings. Prices appear softer, too. Apartments in contract went for an average of $1.83 million, down from $2.1 million in 2019, according to GS Data — a 13 percent drop…’
So what will be as we move forward in time? Unknowns and uncertainty no doubt abound and, to invoke even more cliche, only time will tell.
But that said, during a period where good news is at a premium, let’s take what we can get!
Read the New York Times article 'Brave New Arrivals' at https://www.nytimes.com/2020/07/10/realestate/coronavirus-moving-to-new-york-pandemic.html.
LinkedIn CONTENT CREATOR, PRODUCER, Visual Storyteller, PhotograpHER. I help business coaches + service-based entrepreneurs create content they love, grow organically + elevate the conversation they're having on LinkedIn
4 年I'm super worried about the value of my condo right now. Time will tell, Michael Haltman
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4 年Great share Michael Haltman! Thank you
Relocating to New York City and unsure of the best neighborhoods for your needs? Tired of your walk-up apartment and are ready to upgrade to a well priced luxury apartment? Shoot me a DM.
4 年"78 percent drop from the same period in 2019". These always make my jaw drop, as I salivate just a little bit.....
LinkedIn? laureate; 1:1 coach, group trainer, author, speaker, strategic marketing consultant, over 14+ years. I help serious professionals tell WHY they do what they do, making them "amazing-er" than their competitors!
4 年I always enjoy your thinking on this topic, Michael. I used to want to live in NYC again (left in 1981) and am now not at all sure. I wonder what the effect of my thinking multiplied times thousands of other pied-a-terre empty-nester suburbanite boomers will be on NYC real estate going forward?
?? Award-winning Marketing Copywriter & Branding Strategist... ?? Maximizing sales with marketing that differentiates Companies, Professionals and Coaches ?? I teach online branding course at Brand2Sell.com
4 年Since buying real estate is, by far, the biggest financial commitment people make, prudence is critical. I sold an apartment in '87, 3 weeks before the market collapsed. I was truly lucky, not clairvoyant.