Manhattan real estate market is ‘healing itself’ on heels of Mansion Tax, report says

The Manhattan real estate market is in the midst of a correction.

That’s according to a new report authored by Jonathan Miller, CEO of New York-based real estate appraisal and consulting firm Miller Samuel Inc. Apartment sales in Manhattan tumbled during the third quarter, underscoring a trend blamed mostly on a higher state transfer tax for luxury real estate that took effect in July.

Miller’s findings correspond with a recent Wall Street Journal analysis noting that prices had fallen to their lowest level in four years.

Many sales were achieved over the summer by buyers rushing to file ahead of the July 1 deadline for the so-called Mansion Tax.

The report, published in partnership with real estate firm Douglas Elliman, also noted that mortgage rates remain low and that sellers are “loosening their hold on unrealistic pricing positions.”

2018 Manhattan condo sales show volume drop and price cooldown from last year’s soaring heights

CityRealty’s new 2018 year-end market report reveals trends in Manhattan real estate including a notable drop in transaction volume and a decline in condo sales prices after 2017’s roaring gains. Co-ops showed marginal gains in 2018. The New York Times refers to the report and quotes Jonathan J. Miller of Manhattan’s Miller Samuel appraisal firm: “Sales are not low–they are just not unusually high. It’s like we came off the autobahn: It feels very slow relative to the last three to four years, but historically it’s not.” See a few highlights from the report, below.

Why Smart Investors Are Bullish On Manhattan Real Estate

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In my line of work, I take a lot of meetings. At those meetings, I often speak with the people who run some of the biggest, most successful New York City-based real estate investment firms. It’s a privilege and a luxury to sit with them, so I rarely betray confidence by revealing what happens behind those closed doors.

But, this time I feel compelled to share.

In the spring of 2018, I took a meeting with leaders of a very well-known capital management firm (it has one of those jaw-dropping art collections and a Central Park view that means it manages many billions in assets and has done for a long time. You may know the type). I sat in the conference room and explained why more people ought to have access to Manhattan residential real estate investments, that it’s one of the best real estate markets in the world — a market that historically only the elite have been able to invest in.

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