Missing the deals...

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Steven Slotnick

Member
So, for the last month or so I've heard heard people saying that the days of the "Covid deep buys" are gone as prices have begun to swing up in the last 45 days or so as people have begun to return to the city (Luxury excluded which has picked up in the last three weeks). On yesterday's show you guys said the deals are not gone. I understand that selling season is a little tweaked and we are just starting to see more new properties come on the market, but can you tell me what the price points of the "Covid" deals are still floating around. The shift in Luxury is exciting, but with the sub-$1M properties I am struggling to find value and location in NYC unless it is the far UWS or Battery Park City.

As always, thank you guys.
Steven Slotnick
 
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David Goldsmith

All Powerful Moderator
Staff member
My point was more along the lines of most good deals are created rather than just appear. Units which are priced low often get enough interest that they end up going for more money. The big discounts often appear through identifying pieces which are overpriced, have lingered on the market, and someone has identified a weak seller who needs to move the property and makes the right offer. For example look at what was probably the best deal of last year - PH1 at Walker Tower. No one had any clue it would sell that low until it did.

Either that or they were never actually on the market and someone approached an owner and negotiated a deal without the market being involved (NB I'm not talking about these bullshit "off market" listings which have become fashionable recently).
 
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John Walkup

Talking Manhattan on UrbanDigs.com
We just did a piece on this - while there is more supply now vs last year, the demand is just outstripping it, leading to the impression that there's nothing there. There's plenty there, but the good stuff goes fast!

Also, notice studios are the weak link.... size matters!
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