Around the country, housing inventory is soaring; sellers are easily getting more than the asking price because buyers are willing to duke it out over the property. But in Manhattan, more and more apartments are coming on the market, and buyers are not happy to pay more. In fact, they're looking for a deal – between January and March of 2021, 97% of the properties on the market closed at or below their asking price.
Why? The drop in pricing is largely because Midtown Manhattan is predominantly office buildings. With the work from home trend still firmly in place, those buildings have sat nearly vacant for over a year - making it a less appealing area for residents who traditionally chose residents close to their offices. Who wants to live in a ghost town?
Investing in Manhattan Real Estate
For so long, investing in real estate in Manhattan was reserved for the exceptionally wealthy. But since the dip in real estate prices, now is the time for other real estate investors to look into purchasing in Manhattan. This is especially true if you can hold out for the New York workforce to return to their office buildings. Once that happens, there will be a massive boom in real estate in Manhattan. You just have to be comfortable and financially secure enough to hold out until then.
How a Real Estate Attorney Can Help
At The Law Offices of Melvin Monachan, Attorney Monachan is an experienced real estate attorney representing individuals, investors, and corporate entities. He can help with every aspect of buying or selling your coop, condo, or home, including reviewing and negotiating purchase and sale agreements, drafting post-closing Possession Agreements, and reviewing residential leases. Additionally, Attorney Monachan works with individuals and corporations looking to litigate such matters as landlord and tenant disputes, breach of contract, and disputes related to contract deposits. Call (347) 352-0275 today to schedule a consultation.