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Here’s how Soho resi listings are faring in Manhattan’s crowded luxury market
About 90 percent of homes on the market are taking price cuts, according to one Christie's broker
Soho prices have been suffering for a few years now, and a recovery doesn’t seem to be in sight.
According to the Financial Times, transaction amounts in the top of the market decreased by almost half between 2014 and 2015 citing data analyzed by Christie’s International Real Estate. Fast-forward to 2017 and, though gains were made, sales still came in at almost 20 percent under the market’s peak.
Christie’s brokers estimate concessions in the market are made in 90 percent of deals, with a typical 10 percent price cut upfront with another 5 percent likely to come off somewhere, as the Times reported.
The result is often an impasse: buyers know sellers don’t have a lot of options, but that doesn’t mean they’re backed into a corner.
As Sotheby’s International Real Estate adviser Mara Flash Blum told the Times, “They look each other in the eye and the buyers have been waiting them out, but the sellers don’t need to sell.” [FT] — Erin Hudson