Digs 11/13

Market pulse ticked up to 27% showing continued improvement vs a few months back but lower than last year which was 34%.

So still 7% lower than "shitty."

30, I added 34 percent just to bait you.

Actually -20.6% from prior year if you count the way UrbanDigs does.

Correct 7% is absolute and 20% being relative. What is the worst hit area location-wise in your opinion outside of new developments?

Take a look at the post I just made in Keep Telling Me. We're seeing some 40% down deals in townhouses.

And that was Prime Greenwich Village.

30, I have been watching Prime Village townhouse market for last few years and there was no rationale in sale prices from town house to town house within close proximity - not dissimilar to new development. So not surprised, it went down. I say this despite seeing a story about Soros ex-wife's townhouse sale at a very high price.

Not sure if the story is correct as the price seems to high. Have to see actual closing price.

https://nypost.com/2020/11/12/soros-ex-wife-melissa-schiff-sells-nyc-mansion-for-31-5m/

I agree that these GV house sales seem all over the lot (no pun intended).

As far as the house in this article, it traded for no consideration on 8/10/2020 to at LLC at the same address. I can't think of a good reason why someone would do that just before selling it to someone else?

Agree 300, as someone who is actively showing townhomes, primarily in Brooklyn but also in Manhattan, it's very clear that you can ask whatever you want. Although thats certainly the case with any property. Looking at the actual spread between previous purchase and actual closing price is meaningful, a careful analysis of the initial sales price needs to be considered. If I price my $10 million townhouse at 20 million, and then a year later finally accept a rational price for it. The decline certainly makes a good headline, however it's not very meaningful, imho.

and the townhome buyer is different than the apartment buyer. At least I find them to be even more particular, and well funded. When they find a home that resonates they'll be willing to pay a premium to get the deal done, if necessary, but there is a limit to that premium.

I lived on West 22nd Street in a family-owned brownstone, am friends with and knew dozens of neighbors who also owned homes, most of them still do. They've all been there 30 years plus, including my wife's, whose father purchased it in 1962. It's unfortunate to buy such a home and have to sell it after 10 years.

Keith Burkhardt
TBG

Oops.. I'm ex wife's..

If excluding UWS, the number might be better than last year. Some people are still buying like a revenge.

UWS market was pretty strong before corona but got hit worse than other areas due to homeless situation in my opinion. That situation has greatly improved but not fixed.

It looks like Off Market went screaming past Contract Signed this week. Tune in to UrbanDigs Weekly Update tomorrow to see if it gets mentioned.

30, Are you going to convince Noah to talk bearish?

https://www.urbandigs.com/forum/index.php?threads/historical-supply-vs-pending-sales-for-manhattan.260/

You have to take what you can get;

https://www.mansionglobal.com/articles/manhattans-luxury-market-continues-to-bounce-back-221432

Indeed but I think there is some slow down into December due to virus surge and travel restrictions. Real tell will be Spring selling season when Virus hopefully has peaked and vaccine has been administered to select high risk people.

And resales market pulse hit 30 percent. Still worse than last year but a huge improvement in last month. And off market no different from last year. Let us see if the improvement continues or the Covid spike beats it back down.

What a difference 5 months makes...

I never expected Manhattan market pulse to be at 65+ when I was writing the following and spring selling season is just a month in:
"Real tell will be Spring selling season when Virus hopefully has peaked and vaccine has been administered to select high risk people."

In what segments are we talking about? Ive been following many units on the <600k in Manhattan and the number of deals in contract is huge.