Prices of NYC houses for sale plummet up to 17%. Is it time to buy?

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May 22, 2020
is it time to buy a house in nyc

With COVID-19 still affecting the U.S. and New York City along with their real estate markets, what does this mean for home buyers?

At the beginning of the year, the real estate market both in the U.S. and in NYC were looking strong. In fact, the real estate market was hitting its highest pace in three years and in February, home sales were up  by 9.4% compared to the year before. Despite the marketing being in great condition before Coronavirus, the pandemic has affected the real estate market in various ways.

With the pandemic strongly affecting NYC, stay-at-home mandates and social distancing protocols were put into place for the State of New York. Due to this, the traditional aspects of home buying, such as in-person home tours were out of the question.

Instead, real estate agents and brokers have created a new norm of open houses that includes virtual and self-touring home showings. These include 3D tours, video home tours, and even touring with robots. Additionally, with the start of the pandemic, some sellers have pulled their listings from the market in fear of their market prices falling due to a lower demand for housing.

Despite Spring being a prime season for real estate, buyers have been holding off on purchasing properties and have instead been spending more time researching housing online. Due to this, there has been a price drop in NYC real estate listings for both rentals, and now homes for sale.

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Is it a good time to buy in NYC?

As NYC housing prices drop, it can be a great time for those looking for a starter home or even investors of real estate to buy. Whether you want to purchase your first property or even are looking to switch to a larger space, with the current low mortgage rates along with price declines in houses for sale, it can be a great opportunity to find your perfect space.

As the pandemic is causing home prices to fall in New York City, it can be an opportunity to save money from these price cuts. While the market is currently at a standstill, the NYC real estate market is strong and if pent-up demand from the lockdown is carried into the seasons after restrictions are lifted, the market is expected to recover quickly. In turn, housing prices will also rise back up which means it is a great time to research investment opportunities within properties right now.

Home price drops NYC

If you’re currently researching new potential properties for sale, there are plenty of listings on the market with price cuts. Here are just a few options available for you and information on how much you’ll save with the price drop!

27 East 65 Street, #10D

Space: 2 beds, 2.5 baths

Location: Upper East Side, Manhattan

Original price: $1,686,746.99

Price drop: 17%

Current price: $1,400,000

This Upper East Side apartment has one of the highest price cuts of 17%. With this price drop, you’ll be saving around $286,746. This space is within the Upper East Side Historic District and according to Localize’s insights, the apartment is bright and sun drenched with about 8.5 hours of direct sun in the summer.

There are also no building violations, no building complaints, and no elevator issues. The apartment building is located near plenty of shopping and dining space and is close to the Plaza District and Bergdorf Goodman. There is one construction site within half a block and is expected to end in 2023. However, the neighborhood has below average crime rates and the nearby school is high-rated with strong teaching and leadership.

nyc sale prices dropping
27 East 65 Street, #10D

1289 Lexington Avenue, #16A

Space: 5 beds, 6 baths

Location: Upper East Side, Manhattan

Original price: $12,500,000

Price drop: 16%

Current price: $10,500,000

This is another Upper East Side space with a high price drop. It has a price cut of 16%, which saves you $2,000,000. It’s a corner home that features panoramic views of the Midtown skyline, eat-in kitchen, white oak flooring, two gallery walls, and much more.

According to Localize’s insights, the building has no violations, no recent complaints, and no elevator issues. The building is located in a neighborhood with slightly below average crime rates. However, there is a train track near the building so it can potentially cause loud noise and vibrations. 

real estate price drop nyc
1289 Lexington Avenue, #16A

109 Norfolk Street, #PH

Space: 3 beds, 2.5 baths

Location: Lower East Side, Manhattan

Original price: $2,784,883.72

Price drop: 14%

Current price: $2,395,000

This Lower East Side condo has a price drop of 14% and savings of $389,884. The space features oversized windows, downtown views, private balcony, and large entertaining space. According to Localize’s insights, the building has no violations, no recent complaints, and no elevator issues. The neighborhood it is located in is a vibrant arts and cultural destination with over 100 galleries within it.

The apartment building also has Hamilton Fish Park and Pool nearby and has plenty of nightlife activities such as bars and lounges, music venues, and rooftop attractions.

new york city price drops
109 Norfolk Street, #PH

1710 Avenue H, #E1

Space: 2 beds, 1 bath

Location: Ditmas Park, Brooklyn

Original price: $448,314.61

Price drop: 11%

Current price: $399,000

This pre-war apartment in Brooklyn has a price cut of 11%. However, according to Localize’s insights, it has a high monthly fee compared to other similar listings in the area. This ground floor space features hardwood floors, eat-in kitchen, and foyer/dining area. The building has no violations, no recent complaints, and no elevator issues.

The neighborhood it is located in has slightly below average crime rates and offers a picturesque suburban lifestyle less than 30 minutes away from Manhattan. The apartment building is also close to Brooklyn College and the Little Haiti Cultural District.

Are Manhattan real estate prices falling?
1710 Avenue H, #E1

119 West 22 Street, #2

Space: 2 beds, 2 baths

Location: Chelsea, Manhattan

Original price: $4,488,764.04

Price drop: 11%

Current price: $3,995,000

This Chelsea condo has a price cut of 11% and savings of $493,764. It’s located in a pre-war building that has no violations and no recent complaints. The space features 15.4ft ceilings, a double-height paladin window, and full kitchen. There is one construction site nearby that is estimated to end in 2022. The neighborhood it is located in has slightly below average crime rates and the nearby schools rank very high on teaching & leadership and school quality measures.

Coronavirus halted Manhattan real estate sales in March
119 West 22 Street, #2

25 Central Park West, #26K

Space: 2 beds, 2 baths

Location: Upper West Side, Manhattan

Original price: $4,972,222.22

Price drop: 10%

Current price: $4,475,000

This Upper West Side condo has a price drop of 10% and is located within the Upper West Side/Central Park West Historic District. The apartment features park and skyline views, new walnut hardwood floors, windowed kitchen, in-unit washer/dryer, and is updated with new electric and plumbing.

The building it is located in has no violations, no recent complaints, and no elevator issues. The neighborhood has below average crime rates and the nearby school rates very high on school quality measures and has among the city’s most supportive environments.

Here are the NYC apartments for sale with the deepest price
25 Central Park West, #26K

418 East 59 Street, #16B

Space: 3 beds, 3 baths, 1,800 sqft

Location: East Midtown, Manhattan

Original price: $1,902,173.91

Price drop: 8%

Current price: $1,750,000

This East Midtown apartment has a discount of 8% and is located in a building with no violations, no building complaints, and no elevator issues. The space is bright and sun drenched with 10 hours of sunlight during the summer. It features high ceilings, double exposure windows with views to the north and west of the city, living room, dining room, kitchen with stainless steel appliances, and a west facing balcony.

There is one construction site within half a block that is estimated to end in 2021 and the building is next to a main highway which can potentially cause traffic noise and higher air pollution. The neighborhood the building is located has below average crime rates and the nearby schools are high rated on citywide school quality measures.

nyc rental prices dropping
418 East 59 Street, #16B

140 7 Avenue, #5E

Space: 1 bed, 1 bath

Location: Chelsea, Manhattan

Original price: $1,098,900

Price drop: 9%

Current price: $999,999

This Manhattan apartment has a price discount of 9% and is located in a building with no violations, no recent complaints, and no elevator issues. However, there is limited natural light in the space with only about 3 hours of direct sunlight in the summer. The apartment features views of midtown, foyer area, large living room, remodeled bathroom, and oversized closets. The apartment building is close to Greenwich Village, Union Square, and Chelsea Market.

The area also has a high concentration of LGBTQ resources, health organizations, and nightlife activities such as bars. The neighborhood has average crime rates and is in the hurricane evacuation zone. The nearby schools are very high rated on citywide school quality measures.

NYC rents begin to fall as the coronavirus pandemic persists
140 7 Avenue, #5E

82 Irving Place, #2B

Space: 1 bed, 1 bath

Location: Gramercy, Manhattan

Original price: $679,347.83

Price drop: 8%

Current price: $625,000

This co-op in Gramercy has a price drop of 8% and is located within the Gramercy Park Historic District. The building it is located in has no violations, no recent complaints, and no elevator issues. However, the space gets limited natural light and only gets about 2 hours of sunlight during the summer and 1 hour during the winter.

The apartment features a renovated kitchen with island dining and hardwood floors. It is located on a tree lined block and the neighborhood has slightly below average crime rates. The nearby schools are also rated very high based on school quality measures.

What Happens to NYC Rents During a Recession?
82 Irving Place, #2B

121 Kingsland Avenue, #1R

Space: 2 beds, 2 baths

Location: East Williamsburg, Brooklyn

Original price: $1,141,304.35

Price drop: 8%

Current price: $1,050,000

This Brooklyn condo has a price cut of 8% and features a large private backyard, garden shed, open cooks kitchen, oversized breakfast bar, spacious living room, bathroom with a spa bath and steam shower, and a rec room. The building has no violations and no recent complaints, but there are four construction sites within half a block with one set to end in 2022, another in 2023, and the other two in 2024. The neighborhood it is located in has average crime rates and has spaces for nightlife along with interactive museums and theaters.

Will Rent Prices Drop in 2020? Falling Rents Rental Property
121 Kingsland Avenue, #1R

Despite the semi-frozen real estate market in New York City due to the COVID-19 pandemic, there are still plenty of options for those looking to buy their next home or even purchase property for investment purposes. With these price cuts in homes for sale along with Localize’s insights, you can easily research and shop for a new space right from the comforts of your home!

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