Recovery fueled by low mortgage rates and pent up demand

 

The Manhattan sale market has been robust the past few months as reflected by the Pending Sales and Weekly Contracts Signed metrics.  

Pending Sales has been increasing weekly since July 2020. Meanwhile, we had the 8th week of 300+ contracts signed per week. We are definitely recovering and at the beginning of the next up cycle in Manhattan real estate

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3 Charts Every Buyer Must See

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Viewing for investor client at 150 Charles

 

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April 2021 Manhattan Property Market Overview by Weimin Tan

Top Manhattan, New York property agent Weimin Tan provides an 8 minute overview of the Manhattan condo market. The presentation covers the summary for the Manhattan condo market for the first quarter of 2021 wherein 1) Q1 sales volume was up by 20.4% versus the prior quarter, and 2) we have a shortage of supply, listing inventory went down by 14%. Strong demand continues driven by low mortgage rates, pent up demand and optimism for Covid vaccines.

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Client's brand new two-bedroom condo overlooking Google's new building. Already secured a tenant in less than 2 weeks!

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Understanding Home Appraisal - Cheddar Interview

 

Talking about appraisals and how buyers can prepare for downsides in the event appraisal comes in lower than the trade price. Having a mortgage contingency allows a buyer to back out of the deal if buyer doesn't get a specified loan amount (from low appraisal).

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New launch condo in Manhattan – being the earlybird

Being the earlybird at a Manhattan new launch condo project usually means getting the condo at the initial pricing, known as Schedule A pricing. As a new launch condo development sells over time, the developer usually increases price, known as Pricing Amendments. A price amendment reflects increases in price for condo lines that are selling well.

Read full article here: New launch condo in Manhattan – being the earlybird