User ID
Password

 

 

More than half of Manhattan homes are bought in all-cash deals
Source
American Shipper
Post Date
08/02/2024

More than half of Manhattan homes are bought in all-cash deals ?and it? quickly becoming the standard Cash is increasingly king in the Big Apple.
According to a new analysis of more than 100,000 NYC real estate deals by the New York Times, so many buyers are paying for homes in all-cash transactions that it? become the standard way of buying homes across Manhattan.
This April, 64% of the borough? home sales were all-cash. That? almost double the number in large US metros (39%), and a much larger difference than just two years ago, in 2022, before interest rates initially spiked, the publication reported. The Times analyzed data from Marketproof and ATTOM.
The tr is significantly a result of high mortgage rates, which incentivize homebuyers to use their savings rather than borrow money from the bank. As well, low housing supply and high demand means that buyers are eager to stand out to those selling their properties, including by promising immediate cash payment.
?ou have a lot of power when you?e all cash,?Brown Harris Stevens chief utive Bess Freedman told the Times. ?eople are wielding that now.? And the all-cash shift isn? just happening among the city? wealthiest circles and highest-priced transactions. The biggest jump in cash purchases between 2021 and 2023 was among apartments that were priced less than $3 million, the outlet reported.
On either of the affordability spectrum, though, all-cash transactions are now a common sight. In February, the lowest cash closing in Manhattan was for a $250,000 studio and the highest was for a $10 million-plus four-bedroom duplex.
While cash is now the norm at every price point, among the most expensive sales it? closer to an expectation. A total of 80% of 2023 Manhattan home sales in the $10 million or higher bracket were all-cash. During the same period, 66% of $3 to $10 million sales were all-cash. That? compared to 62% of $2 to $3 million sales, 57% of $1 to $2 million sales, and 54% of sales amounting to $1 million or less.


Title
Source
Post Date
Visit
Lululemon CEO sounds alarm on unexpected customer beh.. American Shipper 04/01/2025
21
Banks Are Quietly Disappearing.. American Shipper 04/01/2025
18
Target follows Costco and Walmarts lead on tariffs.. American Shipper 04/01/2025
18
Possible 25% additional tariff on Venezuelan Oil Impo.. American Shipper 03/31/2025
26
China absorbs massive Brazilian soy shipments in firs.. American Shipper 03/31/2025
25
China Halts Panama Port Sale to BlackRock March 28 (R.. American Shipper 03/31/2025
19
Investment Property for Sale.. American Shipper 03/27/2025
62
The U.S. is not prepared to win an economic war again.. American Shipper 03/27/2025
64
Amazon CEO gives employees a harsh wake-up call.. American Shipper 03/27/2025
62
Despite Sourcing Shifts, ?on? Write-off China? Says C.. American Shipper 03/27/2025
53
Page : 1   2   3   4   5        [Next 5 Page]  Last Page : 71 ( 1 of 71  Total Pages )

 

 

 

Brilliant Group Logistics INC.
159 N. Central Ave. Valley stream, NY 11580
Tel : (516) 599-2406 Fax : (516) 599-0528