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.
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.
