How recessions impact Manhattan real estate

Just wrote, How Recessions Impact Manhattan Property.  Analysis looks at how prior 9/11 and Lehman recessions impacted Manhattan and U.S. real estate prices.  

In the past 5 recessions before the current Great Lockdown Recession, only 2 events saw property price declines.  This shows that as long as real estate is supported by demand and supply fundamentals, they usually weather the recession and experience natural price increase. 

New York luxury property buying opportunity amid COVID-19 pandemic

Read my article about New York property buying opportunity amid COVID 9 pandemic.  We know the Q2 market will be terrible due to a frozen market, spike in unemployment and GDP shrinkage.  Buying opportunity will be in Q2 – Q4 because the pickup will take time.  As post 911 and Lehman show, people forget.  After those events, newcomers kept coming to Manhattan and prices continued to set records.

New vs Resale condo in New York

My article, New vs Resale Condo in New York, analyses the advantages of each.  New condos have better facilities and buyers are booking their condo unit at a discount to what the eventual price at completion would be.

Meanwhile, Resale condos have advantages including better price negotiability, more options and buyers can better understand the building's history.

How to engage a property agent in Manhattan

Article I just wrote, How to find and engage a property agent in New York.  Describes the roles of seller's and buyer's agents, why the buyer should interview a few brokers and decide on one, how commissions are paid.

Q2 sales to plummet 60%+ amid the lockdown and non activity

As COVID-19 continues to devastate New York, Q2 property closed sales is expected to drop 60+ percent.  This while Q2 GDP is expected to shrink 34% according to Goldman Sachs.  Only in Q3 do we expect property transaction activity to pick up again compared to Q2, although it would still be a drop compared to prior year.

Read about it at COVID-19 in Manhattan and the current situation

Manhattan's Q1 market can be divided into pre and post March 15

The Manhattan property market in Q1 2020 can be divided into pre and post March 15.  Before March 15, we thought the market was on recovery as sales transactions went up.  But after March 15, we were hit with the COVID -19 virus at unprecedented levels. New York became the global epicenter of COVID-19.  Read my writeup on the Q1 Manhattan property market describing this pre and post March 15 scenarios.