The New York Post reports, “The average price of an apartment in Manhattan increased by 19% over the first quarter of last year — jumping to $2,042,113.” In fact, Manhattan real estate sales in the first quarter of 2022 broke records, totaling over $7 billion. To put it another way, there were over 3,500 Manhattan property sales in the first three months of this year, and many wonder if the trend will continue.
According to the article, this is the third quarter in a row that's demonstrated record-high sales in the borough, and at least for now, demand continues to increase while inventory has declined by 4.4%.
The Downside of a White-Hot NYC Real Estate Market
It's an excellent time to be a seller, but what if you're a would-be buyer or a tenant? On the tenant side of matters, both commercial real estate leases and residential real estate leases are experiencing record-breaking rental rate hikes. NYC rents have increased by a third in the last year, driving many out of the city once again. Worse, some tenants are defaulting on their current leases as pandemic-related government eviction moratoriums expire.
Buyers are also competing for purchase options in a hectic market and find they're simply unable to move forward with complex investment plans that have been years in the making.
When to Retain a New York City Real Estate Lawyer
An experienced NYC real estate attorney can help you at any point in your real estate dealings. Whether you're a commercial buyer looking for options or a seller who wants to get the best deal at the best time, it's never too soon to speak with a legal professional. The legal professionals at the office of Melvin Monachan, Attorney at Law, will guide you through matters relating to leasing, buying, selling, or mortgage default. Our dedicated team understands each client has a unique set of circumstances that play an important role in all decision-making. To learn how we can help you today, call (347) 389-1682, or contact us online.