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

TRD WEEKEND EDITION /
May.May 26, 2018 05:31 PM

(Credit: Pixabay, Fuzzy Images/Flickr)

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


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

WeWork leases in Soho and Flatiron could be in trouble, according to a report (Credit: iStock)

WeWork leases in Soho, Flatiron most at risk: report

arrow_forward_ios