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With all the talk about contract and sales activity in NYC at all-time highs over the past several months, one might wonder what sort of inventory remains out there. The good news is there are still great listings to choose from that are competitively priced in all price categories. Unlike the rest of the country where inventory is historically low and buyers are willing to pay $1 million over the asking price, Manhattan is still a buyers’ market and deals are being made. However it may not be long before NYC starts seeing home prices go up like the rest of the country.

Things appear to be already headed in that direction with recent news about the penthouse at 432 Park purchased in 2016 for $87.6 million, which may soon be listed by its owner for $170 million—nearly a 100% increase over the span of five years. This is one of the reasons I’ve been urging my clients who had or have been seriously considering buying to act while the market is down. Despite the setback from Covid, it hasn’t taken long for the market to bounce back.

We’re still in a place where negotiations are being made and discounts being offered, especially where inventory has been sitting on the market for over a year. For example, just two weeks ago it was reported that the average discount was 8 percent with an average of 483 days on market for the 36 deals closed that week.

As I mentioned in my email a few weeks back, this summer has seen no shortage of activity so if you’re interested in making the move, please reach out. Meanwhile, I have compiled some Manhattan listings categorized by different price levels for any of you considering buying and interested in what inventory looks like at the moment.

Have a safe and happy Fourth of July!

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Serjik "Serj" Markarian
Licensed Associate R. E. Broker
Cell: 646 696 4078
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My business is proudly built on referrals. Who do you know that I can help find their perfect home?
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