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New York real estate tidbits from an article about how the rich are faring badly


Randomguy
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"Some 1,775 new Manhattan condos are forecast to hit the market by the end of 2018, according to Corcoran Sunshine.  Of the active condo listings on the market, nearly 800 are listed for $5 million or more.

In the third quarter, the median price for a one-bedroom Manhattan home was $815,000, down 4% from the same period in 2017. The volume of sales fell 12.7%.

“What’s most significant about 2018 is that even the sub-$1 million market is slowing because of rising mortgage rates,” said appraiser Jonathan Miller. Rates for a 30-year mortgage averaged 4.81% in late November, up nearly a full percentage point from the beginning of the year, according to Fannie Mae and Freddie Mac.
 
In all, there are now more than 100 Manhattan homes actively listed at more than $20 million."
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3 minutes ago, Randomguy said:

“What’s most significant about 2018 is that even the sub-$1 million market is slowing because of rising mortgage rates,” said appraiser Jonathan Miller.

I like how they talk about it like the sub one million dollar pricing is such a pittance that they cannot believe that people aren't buying at the same rate.

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