Manhattan Investors’ Gloomy Days: A Summary of The Recent Real Estate Scene
Key Points That Paint the Picture
- Sales of investment properties in Manhattan in 2023 took a steep plunge, daring to rival the dire situations of 2020. It’s like watching a Wall Street stock market crash – just slower and with fancier buildings.
- Ariel Property Advisors painted the grim picture in their report, stating that this year was the worst in a decade for such sales, 2020 not included because let’s face it – 2020 was in a league of its own.
- Manhattan, NYC’s pride and joy, usually bustling with property investors and high-rolling businessmen, suddenly felt like a child’s deserted treehouse.
- The devil is truly in the details. The decline was seen both in the number of deals and in gross dollar volume. Cutthroat prices and bruised egos were left in its wake.
The Underlying Tragedies of the Situation
- While the whole of NYC experienced a downturn, Manhattan was hit worst – like a flag-bearer taking one for the team.
- Although recovering from 2020 catastrophe, the revival was slow and stumpy – like a half-asleep turtle on a Sunday morning.
- The rug was truly pulled out from under investors’ feet as even the luxe neighborhoods couldn’t salvage the situation. And we all know when the Upper East Side falls, we’re in big trouble.
- As per Ariel Property Advisors, the borough’s dollar volume was down 54% from 2019. A hit that made all those fancy skyscrapers seem a little less shiny.
Final Hot Take
Looks like Manhattan, the high-heeled, glittering epitome of real estate razzmatazz, had quite a rough year, rivaling its cousin from across the pond – the poor London real estate market. Not even the luxe neighborhoods could add a silver lining to this very dense cloud.
It’s as if all the big-shot investors decided to take a collective year off, maybe sunning their woes away in Bermuda, while Manhattan’s property market gasped for breath. But then again, perhaps it’s just the universe’s way of saying, “Calm down, Manhattan. Give the others a chance.”
On a different note though, it’s interesting to see how the Big Apple is more like a game of Monopoly gone wrong this year. As much as it tickles the greedy bone in us, it’s a bit tragic too. Manhattan is no longer just about flashy penthouses and smoky cigar rooms. It’s about survival and the strength to hang on. Brace yourselves folks, it looks like we’re in for quite the rollercoaster ride!
(Note to self: Maybe it’s high time to consider that countryside farmhouse real estate gig? Just throwing it out there for thought!)
Original article: https://www.inman.com/2024/02/05/investment-sales-dropped-45-in-manhattan-last-year/
