By Ilana Siyance
Manhattan home sales had a great month in January, thanks to bargain hunters grabbing pandemic priced deals.
As reported by the NY Post, last month there were more apartments sold in Manhattan than any other January since 2014. A Corcoran Group analysis revealed that over 900 contracts were signed for condos and co-ops, posting a 28 percent improvement over last January, when just 711 apartments sold. “New York has not lost its luster as the capital of the world. It’s gotten beat up with COVID, but it’s not going away,” said Corcoran CEO Pam Liebman. “As soon as Manhattan gets dressed up again and at full speed, I think it’s going to soar.”
Of course, real estate prices have dropped since the COVID-19 pandemic hit, led by a whopping 54 percent decline in sales between May and June 2020, as per a report by appraisal firm Samuel Miller and Douglas Elliman Real Estate. “I would say this is extraordinarily positive for New York real estate and I think highly unexpected,” Liebman added. “I’m really surprised it happened so quickly.”
The home sales reflect purchases from New Yorkers who spent more time at home in 2020, and are opting to upgrade for more space and added amenities, she said. Also, families from Long Island, New Jersey and Connecticut have been purchasing pied-à-terres, or temporary second homes.
“I truly believe had the pandemic not hit, there’s no way we would have been able to get the apartment that we’re purchasing at the price that we are,” says Interior designer Gabriela Gargano, who closed on a 4-bedroom in Greenwich Village, upgrading with her husband and young child, and selling their 3-bedroom apartment.
There were a total of 539 co-op deals this month, up 22 percent from January 2020, as per Corcoran. There were a total of 279 condo resales, up 42 percent compared to last January. Sales were sizzling in all price categories, including ultra-luxury, as per Corcoran. There were four contracts signed for homes priced over $20 million last month, compared with just one in that price range last January.
“The current environment represents a once-in-a-lifetime opportunity for discerning buyers who believe in NYC’s future to purchase the highest and best quality real estate, as seen with this deal,” said developer Ryan Freedman, founder of Corigin Real Estate Group.