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Manhattan Home Sales Surge as Cuts Bring Prices to Buyers’ Level

By Tony Seruga

Luxury sellers cut prices 10% on average, the most since 2010
‘Sellers definitely got it’ in second quarter, broker says

Manhattan homebuyers found deals they couldn’t refuse in the second quarter, driving up sales of previously owned properties by the most in more than two years.

Purchases of resale homes jumped 16 percent from a year earlier to 2,597, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Buyer interest was fueled by average price cuts of 6.1 percent across all property types. The last time the average discount was larger was the third quarter of 2012, when it was 7.2 percent.

Sellers of luxury apartments took the whittling further, cutting prices by an average of 10 percent, the most since the end of 2010 and the second-biggest discounts in more than 16 years of record-keeping…

Manhattan Home Sales Surge as Cuts Bring Prices to Buyers’ Level

Categories : Real Estate

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