October 2022 Manhattan Property Market Update

Key point #1: Sales down because of spike in mortgage rates
Key point #2: Buyer’s market favoring all-cash buyers
Key point #3: Rents keep breaking records

For cash buyers who intend to rent out the condo, now is perhaps the best time to get into the market.

Read full article here: October 2022 Manhattan Property Market Update

How inflation impacts Manhattan property

The Manhattan property market suffered from Covid in 2020 and became a buyer’s market. In 2021, Manhattan rebounded and sales volume in 2021 was the highest ever recorded. Now in 2022, we are again in a buyer’s market because of inflation. Inflation led to the Federal Reserve increasing interest rates, which led to more than doubling of mortgage rates.

Read full article here: How inflation impacts Manhattan property

Sponsor Condos in Manhattan, Art of The Deal

Sponsor condos in Manhattan, New York refers to condos being sold by the developer and not by an individual unit owner.  The sponsor is the developer who either launched or converted the condominium property project.

The art is in selecting the right condo project based on a solid understanding of the current market, neighborhood, product type and demand/supply.

Read full article here: Sponsor Condos in Manhattan, Art of The Deal

Mortgage rates softens Manhattan property market

The Manhattan property market has slowed significantly due to increasing mortgage rates. Today’s Wall Street Journal shows the 30-year mortgage rate at 6.67 percent. For context, the 30-year rate was at 3.01 percent a year ago in September 2021.

Read full article here: Mortgage rates softens Manhattan property market