Is now a good time to invest in Manhattan residential property is a question I am often asked. Since the second half of 2022, we have been in a buyer’s market. The 2024 spring pickup didn’t really happen and the market has been going sideways. But now with Trump’s landslide victory, things are about to change.
Read the full article here: Is now a good time to invest in Manhattan, New York residential property?
Median price of a Manhattan condo/coop increased from $239,000 in 1997 to $1.115 million in Q3’2024. While the graph shows the blended average of condo/coop, the median price of a Manhattan condo in Q3’2024 was $1.615 million.
Read the full article here: Manhattan, New York Property Historical Price Trends
Visit our website to learn more: https://www.castle-avenue.com/
Central Park, along with Wall Street, Times Square and Fifth Avenue, is perhaps one of the most iconic landmarks in New York City. When I get an inquiry from a foreign buyer, these locations are often mentioned because they are what people see when they envision Manhattan.
Read the full article here: Central Park condos NYC
Manhattan deal activity in August 2024, one of the stronger Augusts in recent years.
Visit our website to learn more: https://www.castle-avenue.com/
Buyer representation is standard practice in the U.S. and hence the New York real estate market. The role and responsibilities of a buyer’s agent are explicitly outlined in the Agency Disclosure Form, which clearly indicates the agent’s fiduciary duty to the buyer.
Read the full article here: Manhattan Real Estate Buyer’s Agent, Weimin Tan
.png)
Almost 10% of recently listed properties are priced lower than their previous sale. This indicates that buyers may find attractive pricing opportunities in the current market.
Visit our website to learn more: https://www.castle-avenue.com/
We are moving from a buyer’s to a neutral market. Buyers (especially those buying all-cash) still have the advantage. Rental yields are high as rents are at record levels. It’s a good time to buy Manhattan property now if you are a cash buyer and especially if you plan to rent out the property. Properties on the market are negotiable while rents are at record levels.
Read the full article here: Is now a good time to invest in Manhattan, New York residential property?
Sales volume in Q2’2024 increased by 48.3 percent compared to prior quarter and 5.7 percent compared to prior year. This is the first annual increase after eight quarters.
Read the full article here: Manhattan Property Market Update
Visit our website to learn more: https://www.castle-avenue.com/
New lease signings surged 40.5 percent year-over-year for the sixth time in seven months. This coincides with a 27.6 percent jump in rental listings, the 9th consecutive annual increase.
Visit our website to learn more: https://www.castle-avenue.com/
Manhattan Property Market Demand - Because of high mortgage rates, the anticipated pickup in demand has not happened. The 30-day liquidity rate is moving sideways, and this represents ongoing buying opportunities.
Read the full article here: New York Property Market Outlook
New York real estate is a highly desirable asset class for investors because of its stable prices, high global demand and very limited supply (since Manhattan is a fully built island).
Here are 3 highly desirable features that are in limited supply and will help with the property’s performance over time: New York real estate agent on 3 coveted features of a Manhattan condo
Flashback Friday: Interviewed by Cheddar TV on the home appraisal process.
More of my media appearances here: https://www.castle-avenue.com/media.html
.png)
Overview of New York mortgages for international buyers. A comprehensive guide to navigating the financing landscape of NYC property.
Read the full article here: Demystifying NYC Mortgages for International Buyers: Your Guide to Owning a Piece of the Big Apple
Mortgage rates spiked from 2021 to 2023, making it a lot more expensive for buyers needing financing. Many buyers became renters because of the significant increase in monthly mortgage payments. Rents, already at record levels because of inflation, increased further because of demand coming from buyers.
Read the full article here: Manhattan property investment performance
Market pulse shows that we are currently in a neutral market.
Visit our website to learn more: https://www.castle-avenue.com/
Is Manhattan real estate picking up? The Manhattan real estate market, a microcosm of New York City’s dynamism, experienced a rollercoaster ride in 2023. Soaring interest rates dampened buyer enthusiasm, leading to a significant drop in sales volume compared to the record highs of 2021. However, as we enter the second quarter of 2024, experts see signs of a stabilizing market with potential opportunities for both buyers and sellers.
Get our 2024 forecast on sales, prices and what metrics to watch for buyers and sellers here: Manhattan Real Estate Market Forecast 2024
Capital gains tax is a common question from our foreign clients when evaluating whether to invest in Manhattan property. Besides capital gains, there is also monthly New York City property tax, income tax and estate (inheritance) tax.
Read the full article here: New York Property Capital Gains and Other Taxes
Buying into new condominium launches in Manhattan means price discount and visiting a beautiful sales office, but uncertainties abound too.
Read the full article here: Pros and Cons of New Property Launches in Manhattan
Overview for foreign investors - the buying process, managing and selling the property.
Read the full article here: Foreign Buyer Guide
Pre-construction flipping and buy-and-hold condos in Manhattan - explore the potential upsides and downsides of each strategy.
Read the full article here: Manhattan Investment Choice: Flip or Buy-and-Hold
Manhattan is a top destination for foreigners looking to invest for asset diversification. There is no special stamp duty for foreign buyers which makes Manhattan a better value compared to many global cities.
Read about the key rules for foreigners buying Manhattan, New York property here: Rules for foreigner buying New York property
Flashback Friday: Priced 2 bedroom 5th Avenue apartment alongside real estate mogul Barbara Corcoran
Large 1-bedroom, 1 bathroom home with a large walk-in-closet, a Miele washer and dryer and Western views of the building’s garden.
Apartment features a custom dining island, oversized windows, European oak flooring, Italian cabinetry by Moca, Dolomiti marble countertops, Miele refrigerator/freezer and dishwasher and a Miele gas cooktop with vented hood, oven, and speed oven. The bathroom is covered in Calacatta Lincoln marble, and features a custom floating vanity countertop in addition to polished nickel fixtures and radiant heated floors.
Rental Price: $6,200/month
View the listing here: 202 Broome Street, #7Q, New York, NY 10002
Manhattan real estate has long been considered a blue chip asset, offering investors the potential for safe and stable returns. But beyond this, Manhattan property investment can also be a powerful tool for building generational wealth. By investing in a tangible asset that appreciates over time, families can create a legacy that benefits future generations.
Read the full article here: Generational Wealth Creation through Manhattan Property Investment
In 2021 and early 2022, we were in a seller’s market. From mid-2022 to 2023, we saw interest rate hikes which resulted in doubling of mortgage rates. The good news is that the rate hikes have stopped. Mortgage rates even started decreasing slightly.
We are still in a buyer’s market. Buyers (especially those buying all-cash) have the advantage. Rental yields are high as rents are at record levels.
Read the full article here: Is now a good time to invest in Manhattan property?
Median price in 2022 was $1.746 million, a new record surpassing even the 2017 level. In Q4’2023, median price dropped to $1.66 million because of increased mortgage rates.
Read the full article here: Manhattan Condo Historical Price Trend
