Okay, it's not like you can buy a Greenwich Village townhouse for $50,000, or even $500,000, but if you're shopping for an apartment right now, you're likely to find more negotiability than you would have a few years ago.
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Manhattan apartment sales have slowed down dramatically, and prices in the borough have actually dropped to start the year. Buying a place will still cost you a pretty penny—the median home price in Manhattan is currently $1.08 million—but buyers in the current moment are likely to enjoy a little bit more room to negotiate than at other points in recent years. Sellers, meanwhile, may have to let go of their rosy projections or risk getting stuck with an apartment that won't move off the shelf, then having to cut the price anyhow.
For more on how to approach the current moment as an apartment buyer or seller, we spoke to Donna Olshan, founder of Olshan Realty and author of the Olshan Luxury Market Report, and Noah Rosenblatt, founder and publisher of Urban Digs, a real estate analytics platform. Donna and Noah offered their insights into what is driving the current market trends, how to figure out your first offer as a buyer, how to be realistic as a seller, and what the future might hold for Manhattan real estate.
Listen to the full episode here:
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