March 24, 2017
Resales of coops and condos in Manhattan are seeing their lowest median prices since 2012, according to Bloomberg. As the number of options have increased, purchasers are more aggressive in seeking lower prices, and sellers have been finding it more and more necessary to negotiate–the percentage of sales in which the asking price was exceeded by the purchasers fell by more than half in the last quarter, from 29% to 13%. Overall, 2017 could become a good year for sellers, with a greater number of available options and more realistic prices.