PIED-À-TERRE BUYERS LEADING THE 2021 RECORD BREAKING SALES IN NEW YORK REAL ESTATE
New York real estate report reveals historical record breaking at $30 billion with over 16k transactions completed in 2021.
Highlights of the report?
Buyers market turned into sellers market early 2021
Over 95% of sales were closed for asking price and higher
Median sales prices jumped over 11% in Q4 2021
Average apartment sells for $1.95 in Manhattan
Market bounced back to pre-pandemic and in better shape in 2021
Deeper insight reveals new inventory fell by 1/3 for new developments and that was mostly due to development companies' cashflow problems, construction labor shortage, regulatory constraints and hike in raw material costs due to international supply shortage.
New York saw highest bidding wars since the economic depression of 2018 in the real estate market.
Among the biggest transactions? Jeff Bezos purchase of 5 apartments in downtown Manhattan for overall $119 million in transactions.
Market segment analysis reveals majority of purchases in Manhattan in 2021 were done by investors who purchased properties in the city as 2,3,4,5th houses as "pied-à-terre" properties considering real estate in Manhattan as a viable stable investment for the years to come.