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.

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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.

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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.

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Buying car park with Manhattan condos

Buying a car park with a Manhattan condo is not necessary. Very few condo buildings in Manhattan have privately-owned car parks that a condo owner can buy. The select handful of high end new developments with car parks for sale price these spots between $300,000 to $500,000.

Here are factors to consider when deciding whether you really need to buy a car park: Buying car park with Manhattan condos

September 2022 Manhattan Property Market Update

Key points for the September 2022 Manhattan Property Market Update:

1. Inflation at 8.3% and mortgage rates continue to increase
2. Buyer’s market
3. Record high rental market

Read full article here: September 2022 Manhattan Property Market Update

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Maintenance fees with a Manhattan condo

What are maintenance fees with a Manhattan, New York condo and what is reasonable? With Manhattan condos, maintenance fees are known as common charges. When buying a condo, the monthly outflows are common charges and property taxes (collectively known as carrying cost).

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