“Manhattan apartment sales tumble 46%, leaving 10,000 unsold units”
October 2, 2020
“Apartment sales in Manhattan plunged by 46% in the third quarter, as homebuyers continued to flow to the suburbs and Florida, according to new real estate reports.
There are now about 10,000 apartments for sale in Manhattan, which would be a record, according to Compass. With so many new listings pouring onto the market and so few buyers, the inventory of unsold apartments continues to rise in a city that already had a glut of high-end apartments… The current supply of luxury apartments for sale would take nearly three years to sell, according to a report from Miller Samuel and Douglas Elliman…”
What I’m about to say is very important. If you’re in real estate in a major city or thinking about investing in it in a major city it is not a good idea. Home sales are up because people are moving out of major cities. This is a ongoing trend and will most likely continue for years to come. (how many I don’t know.)
If you want to make money in real estate look for popular suburb or rural areas. At the very least if I was looking to invest that’s what I would do.