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Real Estate
Report finds that
more New York City
neighborhoods had high
real estate discounts
during the pandemic
BY EMILY DAVENPORT
The pandemic has taken its toll on New York City’s
real estate market, giving homebuyers more leverage
to buy during these months of quarantine.
StreetEasy recently released a report that examined the
market in New York City throughout the pandemic. According
to the report’s fi ndings, of the homes that closed between
mid-March through September, 74% sold for less than the
seller’s original asking price. During the same time period in
2018, 64.5% of homes sold below the asking price.
Throughout the pandemic, a handful of New York
City neighborhoods had bigger discounts than they have
in years past. The area with the highest discounts was
Midtown with a 12.4% median discount, or $250,000 off
the price. The report found that 83.3% of homes in the
neighborhood sold for under the asking price (of which
the median asking price was $1,475,000) and the median
sales price was $1,225,000.
Following Midtown was Jamaica Estates in Queens with
an 11.1% median discount offering with 90.1% of homes
asking under the listed price. The next highest discounted
neighborhoods include Jamaica (10.1% discounts), Tribeca
(10.1% discounts) and Elmhurst (9.0%).
“There are very few areas experiencing bidding wars in
New York City, and we don’t expect that to change anytime
soon,” says StreetEasy Economist Nancy Wu. “The large
gaps between asking and fi nal closing prices show that
prices are still elevated — especially in centrally located
neighborhoods in Manhattan. The pandemic has changed
what buyers across all price points are looking for in a
home, and sellers must respond to this change in demand.”
Despite the number of discounts that were offered
throughout the city, fi ve neighborhoods had consistent
bidding wars because they offered more space. All of the
neighborhoods were outside of Manhattan: Downtown
Brooklyn, Flatbush, Gowanus and Greenwood in Brooklyn,
and South Jamaica in Queens.
Even during the pandemic, New Yorkers are more
inclined to buy a home. StreetEasy found that 70% of
buyers were planning on moving within New York City
in the next year and 17% are planning to move to take
advantage of lower prices and discounts on the market as
a result of COVID-19.
Read the full report at streeteasy.com.
Schneps Media November 19, 2020 17
link
/streeteasy.com
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