The housing market in NYC is notorious for being two things: expensive & barren when it comes to buying. The pandemic has not helped this, with more people staying in place the NY housing market has stayed pretty stagnant. That is, until now, as a new report from the New York Times is reassuring us that the NY market is currently on the rise (particularly for homebuyers). What’s more, the homes are going at a highly discounted rate, especially for NY price standards.
This current boom flies in favor of the buyers, much to the delight of many who are trying to make their home in the city. Developers and management companies are slashing prices, offering waived fees and free months of rent to fill up their vacancies. Many new buildings are included in these pricing slashes as sales had started to slow even before the pandemic hit. Areas that typically have higher amounts of buyers (like Brooklyn and Queens) have not had to lower prices as much as areas like Manhattan and East Village where the prices soar under normal circumstances.
Many buildings that were prospected to be condos have had to turn to rentals due to this phenomenon. Still others that would be sold as full buildings are being sold by the floor to independent contractors to help cut costs. $33.5 M penthouses are settling for not even $20 M, 100+ unit condos go for $87 M, a significant price cut from the original asking price of 100 M. A fair amount of companies are offering incentives such as design bonuses and credits to be applied to the new buyers/renters in order to get people in the door.
Whether you’re a native New Yorker looking for a new home or a soon-to-be Manhattanite, the housing market is moving in your favor right now. Take advantage of these deals and incentives while they last, and enjoy your new home!