NYC real estate in the times of covid-19

September 18, 2020

New York City is starting to feel like Fall again, my favorite season. The news this past Summer is selling “Doom and Gloom,” and there certainly is strong market turbulence, but, as usual, it isn’t the full story.

Here’s what really happened in July and August – the two first full months since reopening in June – as compared with 2019.

Manhattan

MANHATTAN: Number of Condos, Coops, and Townhouses that went IN CONTRACT were down about 33% across the board compared with 2019. This consistency underscores a clear market sentiment about Manhattan, but it does appear to be recovering.  Certain market segments, such as New Construction and larger 3BR+ units, are hurting more.

 

Brooklyn

BROOKLYN: A completely different story — IN CONTRACT volume for Condos down less than 5%, Townhouses down 12%, but Co-ops EXPLODED with a 64% increase in transactions compared with 2019! This is not a random occurrence. Brooklyn Coops are more affordable, especially with regard to the monthlies (which can be half of what they are in Manhattan), and they are often located in low-rise Brownstone lined neighborhoods with lower population density.

 

What does your segment of the market look like?