Is now a good time to invest in Manhattan, New York residential property?

The Manhattan, New York residential property market had a tremendous year in 2021, and the trend is continuing into 2022.  Sales volume for the overall condo and coop markets in 2021 was the highest in 32 years because of low mortgage rates, pent up demand, reopening of the economy and overall optimism as more than 70 percent of New Yorkers have been vaccinated.  The streets of NYC feel very normal these days and will be 100% when everyone is back at the office full time.

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Expenses as Owner of Property in New York

Wei Min Tan discusses the two categories of expenses as owner of property in New York — Closing Costs at Purchase and Ongoing Expenses.

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Buying New York Residential Property – Setting Expectations

Bravo for taking the step towards investigating the property buying process.  Here is a summary of key points for a foreign/overseas investor to understand when buying property in New York.

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April 2022 Manhattan Property Market Update

The average price per sqft for a condo in Q1’2022 was $1,992.  It went up by 16.2 percent versus last year and 0.2 percent versus the last quarter.  The number of sales went up to 1,647, 51.7 and 0.3 percent higher compared to last year and last quarter respectively.  The months of supply was at 6.2 months, 35.4 percent lower than last year.

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If Manhattan's historical price trend can be guidance.

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