Manhattan apartment sales are down... seriously down. As in the lowest they've been since 2009. Yikes.
The Wall Street Journal analyzed some recent data from the New York City Department of Finance and concluded that the total number of Manhattan apartment sales fell to the second-lowest level in a decade.
A total of 2,281 units were bought and sold this second quarter, down more than 10% from 2015's second quarter total.
There are a couple of reasons why this sales number has gone down so drastically.
Despite their being a softening condo market recently, most Manhattan apartments and condos are still seriously overpriced.
The NYC market is pretty much choking on over-priced luxury real estate. We mean, they're even turning the Waldorf Astoria into luxury condos.
What we really need is a more affordable market. Will we ever see that day? Hmmm, probably not. But this drop in apartment sales may turn the tides in the average New Yorker's favor.
Another surprising factor that puts a stopper in sales? The upcoming Presidential elections, and the surprising Brexit outcome in which Britain decided to leave the European Union.
Seriously, you can't really blame us (well, those who can actually afford it, that is) for not wanting to buy a home in the midst of these wildly unpredictable times, right?
However, sales activity has started to pick back up again now that the summer is off and running. This is primarily due to overpriced sellers finally coming around to haggling and dropping their insane prices-- ever so slightly.
Whatever. We'll still be struggling to pay our August rent, but that's none of anyone else's business right? (Now, hopefully our landlord isn't reading this...)
Check out 6 Everyday Struggles of Your Tiny AF NYC Apartment.[via The Real Deal] [Feature Image Courtesy Instagram]