New York and the dramatic drop: post Covid bans
The world has stopped. And so is New York.With its unique neighborhoods, the streets of fashion and luxury, the wonderful parks that give a touch of green to such a developed city, it is experiencing a phase of arrest. Exactly since May, the Big Apple is practically blocked. Victim of an unprecedented emergency that has spread like wildfire across the globe. A tunnel whose way out seems to be still far away. The paralysis is due not only to the Covid emergency, but to the measures that still persist.
Among them, the most incisive: that is, relating to the ban on making visits to potential apartments to be purchased. But in order to fully understand the New York situation, we need to take a step back. What we at Realigro want to do today is a careful analysis of New York's real estate after a period that seemed to be over by now. We will try to create a complete picture of the situation, hoping that it will be useful to those who want to buy a property or, simply to our readers intrigued by international affairs. Let's start with order, therefore, analyzing the historian of the city in question. Assuming that New York has launched relevant measures of both social distancing and confinement, the emergency has marked really important social damages.
Alterations that obviously affected real estate.
In detail, we see how in Manhattan the sale of houses registered a minus 80% compared to the annual trend. For condominiums we even speak of a minus 83 percentage points. The Brooklyn area has improved slightly but apartments converted to offices have fallen to 44%. Very few contracts concluded. The most numerous stopped shortly before the lockdown, before the clauses relating to the visit of the desired property were triggered.
To speak of numbers, in May there were only six sales that reached 5 million US dollars. In the same period (but in 2019) 52 were registered. The prices are therefore not attractive enough to buy a closed box property. The ability to view a house is therefore of primary importance. In a period in which uncertainty reigns supreme. Buyers expect an even more significant drop in prices, in order to return to buy with more serenity. And there is no neighborhood that holds. Perhaps, the only segment not affected by the emergency, in terms of price, is luxury. But even in this case, the demand has weakened considerably.
Needless to say, what is hoped is a rapid recovery of the New York and international situation. As the main experts in the sector say, if the big companies are succumbing, there is no room for hope for the smaller ones. In the meantime, we invite you to stay updated on our portal!
Among them, the most incisive: that is, relating to the ban on making visits to potential apartments to be purchased. But in order to fully understand the New York situation, we need to take a step back. What we at Realigro want to do today is a careful analysis of New York's real estate after a period that seemed to be over by now. We will try to create a complete picture of the situation, hoping that it will be useful to those who want to buy a property or, simply to our readers intrigued by international affairs. Let's start with order, therefore, analyzing the historian of the city in question. Assuming that New York has launched relevant measures of both social distancing and confinement, the emergency has marked really important social damages.
Alterations that obviously affected real estate.
In detail, we see how in Manhattan the sale of houses registered a minus 80% compared to the annual trend. For condominiums we even speak of a minus 83 percentage points. The Brooklyn area has improved slightly but apartments converted to offices have fallen to 44%. Very few contracts concluded. The most numerous stopped shortly before the lockdown, before the clauses relating to the visit of the desired property were triggered.
To speak of numbers, in May there were only six sales that reached 5 million US dollars. In the same period (but in 2019) 52 were registered. The prices are therefore not attractive enough to buy a closed box property. The ability to view a house is therefore of primary importance. In a period in which uncertainty reigns supreme. Buyers expect an even more significant drop in prices, in order to return to buy with more serenity. And there is no neighborhood that holds. Perhaps, the only segment not affected by the emergency, in terms of price, is luxury. But even in this case, the demand has weakened considerably.
Needless to say, what is hoped is a rapid recovery of the New York and international situation. As the main experts in the sector say, if the big companies are succumbing, there is no room for hope for the smaller ones. In the meantime, we invite you to stay updated on our portal!
