There’s no argument that the real estate market in Manhattan took a hit during the pandemic. As the city shut down, thousands of new remote workers made the decision to leave the metro area and seek housing in less expensive, more spacious suburbs or other areas of the country. This caused prices to drop and vacancies to reach record highs. However, real estate experts had little doubt that Manhattan would bounce back — the question was just when. That question has recently been answered as a new buying frenzy has struck Manhattan neighborhoods, creating what many real estate pros dub the New York Renaissance. If you’re planning to buy or sell Tribeca real estate, a townhouse in Chelsea, or property in any other Manhattan neighborhood, here’s what you need to know.
The current situation
Sales are continuing to rise compared to last year, creating one of the strongest quarters in local real estate since 2007. This has led to fewer available Greenwich Village condos and apartments in other popular Manhattan neighborhoods.
Not only are prices and sales up, but as existing inventory dwindles competition is also getting more fierce. Houses in Chelsea, for example, are getting multiple offers, and the average home is selling for above the listing price. In the last three months, the average Chelsea listing price has been $1,977,000. Hot homes in the Chelsea area can easily fly off the market within days.
Bidding wars are also becoming more common. People who left the city last year are returning to their homes or looking to expand into larger units, and this is further driving prices up and causing the market to recover at an accelerated pace.
Why Manhattan will always bounce back
Chelsea, Greenwich Village, and Tribeca real estate professionals are not surprised that Manhattan has rebounded so well from the pandemic. After all, there is no city in the world like New York City with its 68 Michelin-starred restaurants, 24-hour bustle, and incredible diversity (36 percent of New York’s population are natives of other countries.) Manhattan is also a magnet for talent — especially those who have dreams of starring in a Broadway show or are intent on breaking into the music business. It is also the home of business giants like Pfizer, JPMorgan Chase & Co., Citi, and Philip Morris International. Even when Manhattan real estate takes a hit, like it recently did during the heart of the COVID crisis, it will always land on its feet and remain the city that never sleeps.
Top neighborhoods in Manhattan
Are you considering moving to the Manhattan area and want to secure a place to live before the buying frenzy decimates housing inventory? Earlier this year, the average sales price for Manhattan condos for sale was $2,670,423, but buying prices can vary depending on which neighborhood you hope to live in. Here are some of the best neighborhoods to explore:
◾ Tribeca. With its quiet streets, tons of greenery, and plenty of outdoor space, Tribeca often doesn’t even feel like it’s in the center of a major metropolis.
◾ Greenwich Village. Those who seek out the excitement of living in a huge city gravitate toward Greenwich Village, also called the heart and soul of lower Manhattan. With convenient access to Midtown, SoHo, and other sought-after neighborhoods, Greenwich Village is a hub for the active New Yorker.
◾ Chelsea. Like Tribeca, Chelsea offers a more tranquil lifestyle than bustling Greenwich Village. This vibrant, uptempo environment is perfect for a lively social calendar, including gallery openings and dining at fine restaurants, and it’s an easy commute to other Manhattan neighborhoods. Here, you’ll find ample new developments and a wealth of luxury amenities.
◾ Harlem. Family-owned restaurants, a casual feel, and community pride are the norms in Harlem. This is a more affordable area of the city, which often allows residents to expand their floor plans while staying within their desired price.
◾ Gramercy. Cozy village charm meets high-end restaurants in this centrally located neighborhood.
Tips for buying during the New York Renaissance
Is now the right time for you to buy Tribeca real estate, Greenwich Village condos, or other homes in the Manhattan area? Here are some tips for success:
◾ Act fast. Now that the renaissance has taken off, it’s unlikely the buying frenzy will end anytime soon. To make sure you find your ideal home before inventory dwindles, start your search today.
◾ Get preapproved. Preapproval wasn’t an issue when Tribeca real estate was at record lows, but that has changed. In today’s competitive environment, many sellers will not even consider an offer from a buyer who is not preapproved for financing, so have your preapproval letter in hand when you look at properties.
◾ Identify what you want. If you have no idea if you want a condo or a co-op or haven’t settled on a neighborhood, you could spend precious time and energy looking at properties that aren’t right for you. Talk with your New York City real estate agent about your top wants in a home and a neighborhood so you can narrow down the list to just properties you’d most likely be interested in.
◾ Work with a local real estate professional. The Manhattan real estate scene can be overwhelming, especially as competition heats up. Choose a local realtor who can guide you through the process of looking for and buying a home to avoid unnecessary stress.
As most real estate professionals predicted, Manhattan has roared back onto the scene as one of the best places to live and work in the world. Caryl Berenato can assist you in your search for Manhattan real estate, whether you’re dreaming of Greenwich Village condos or townhouses in Chelsea.