If you thought you missed your chance to land a bargain in New York City’s housing market, you may be in luck. The average asking price for condos, co-ops and townhouses across Manhattan have dropped by nearly 10% in 2020, according to new data from UrbanDigs.
Chaotic conditions caused by the COVID-19 pandemic coupled with an influx of new listings have driven home prices down by an average of 9.3%, when comparing the original asking price to the last asking price, UrbanDigs data shows. A total of 10 Manhattan neighborhoods saw the average price drop by 10.7% or more.
Manhattan has seen the average listing price for condos, co-ops and townhomes decrease by 9.3% in 2020.
For thrifty homebuyers, the greatest discounts appear to be had in Lower Manhattan’s Civic Center neighborhood, where the average price has declined by 21.2%. Other areas seeing significant price drops include Midtown Center and NoMad, which saw prices drop by 13.5% and 13%, respectively.
To get a sense of the market, I took a look at a few active listings from Warburg Realty, a founding member of Forbes Global Properties, that have seen price cuts in recent months. From a renovated co-op in Lenox Hill to a turn-key residence in Sutton Place, here are four discounted properties in Manhattan:
475 Park Avenue, Apt 10A
The four-bedroom, four-bathroom residence in a 1908 building saw its price reduced in October by $255,000.
Neighborhood: Midtown
Size: Four bedrooms, four bathrooms
Current price: $4.495 million
Original asking price: $4.75 million
Adjustment: -5.4%
260 Park Avenue South, Apt 4H
Located in one of the Flatiron’s most coveted Pre-War buildings, this loft-style residence recently saw its asking price lowered in October by $100,000.
Neighborhood: Gramercy Park
Size: Two bedrooms, 2.5 bathrooms
Current price: $2.325 million
Original asking price: $2.425 million
Adjustment: -4.1%
205 East 63rd Street, Apt 2AB
This renovated apartment in a Lenox Hill co-op received a $155,000 price-chop in November.
Neighborhood: Lenox Hill
Size: Four bedrooms, three bathrooms
Current price: $2.195 million
Original asking price: $2.35 million
Adjustment: -6.6%
440 East 57th Street, Apt 9-B
Since hitting the market in August, the Sutton Hill residence has seen its asking price dip by about 15%.
Neighborhood: Sutton Place
Size: Two bedrooms, two bathrooms
Current price: $1.398 million
Original asking price: $1.645 million
Adjustment: -15%
