Manhattan real estate sales reach a record $30 billion

According to the real estate report, Manhattan real estate recorded its best year ever in 2021, rebounding from the pandemic, with sales reaching $30 billion.

According to a report by Corcoran, more than 16,000 contracts signed are also record-breaking.

The iconic year marked a dramatic shift in 2020, when concerns about population decline, rising crime rates, and high taxes put pressure on sales. Many observers believed at the time that the days of bidding wars and inventory decline were over.

However, sales have now exceeded the pre-pandemic total, and there is no sign of slowing down in 2022. According to a report by Miller Samuel and Douglas Elliman, sales in the fourth quarter exceeded $6.7 billion, a record that has not been seen since such records were maintained.

The average price of a Manhattan apartment is now $1.95 million. Compared with the same period last year, the median price in the fourth quarter-many people consider a more accurate market indicator-rose by 11%, close to pre-pandemic levels.

“Obviously, the recovery in 2021 is faster than I think most people expect,” said Jonathan Miller, CEO of Samuel Miller. “This is amazing.”

Miller said that the Manhattan market may maintain a strong momentum in the first half of this year based on reduced inventories and continued strong financial markets. “Because New York is late for the recovery of real estate demand, there may be increased activity or higher than normal levels in the next few quarters,” he said.

The agent said that Manhattan’s “pandemic discount” has now basically disappeared. Prices have fallen between 6% and 7% at the bottom of the market, but in certain market segments, especially apartments, prices have rebounded. According to Brown Harris Stevens, the selling price of the apartment is now 97.6% of the last asking price, the highest level since 2017.

On December 7, 2021, the sun as seen from Hoboken, New Jersey, sets at the earliest time of the year, when the sun sets from Lower Manhattan and One World Trade Center in New York City.

Gary Heshhorn | Corbis News | Getty Images

According to Miller Samuel, the bidding war has also returned, reaching its highest level since 2018.

The rebound is mainly driven by the high-end market-for example, super-rich buyers are snapping up penthouses and large full-floor units in new developments. According to Serhant’s data, the inventory of new homes fell by one-third in the fourth quarter, and condominiums priced at $10 million or more sold the fastest-with only 97 days to market on average.

According to Miller Samuel, last year there were at least eight sales exceeding US$50 million. Alibaba Co-founder Cai Chongxin acquired 220 Central Park South two-story building, priced at 157 million US dollars Is the biggest.That address-the home of a hedge fund billionaire Ken Griffin’s $238 million penthouse, This is the most expensive transaction in the history of the United States-accounting for three of the eight transactions over $50 million in 2021.

Jeff Bezos Continue to snap up the apartment at No. 212 Fifth Avenue. The total purchase of the five apartments was US$119 million.

The broker said that many buyers are non-local residents and they are looking for a piece of land or investment property. Since wealth was created through stocks, asset values, and cryptocurrency gains during the pandemic, many people hope to convert their wealth into hard assets such as real estate.

According to brokers, more than half of the transactions in Manhattan last year were cash transactions.

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