Photo: Robert Clark
Homebuying season throughout much of the US this summer has been a story of low inventory, rising prices, and fierce competition among buyers — the tell-tale signs of a seller’s market.
Buyers in NYC trolling the listings should check out these five neighborhoods for the biggest cuts on price, some as high as $30,000, according to the listing site StreetEasy.
Despite the market conditions, patient homebuyers could “win leverage” over time when dealing with sellers that are overly optimistic. This trend is proving true in some of NYC’s hottest and most expensive neighborhoods, says StreetEasy.
Here are the five neighborhoods experiencing the largest cuts in list prices on StreetEasy so far this summer:
1. Columbia Street Waterfront District, Brooklyn
This neighborhood ranks as one of the borough’s most expensive, with a median asking price of $1.6 million — 64 percent above the borough’s median asking price of $929,000. The area is somewhat isolated geographically, and far from public transportation. But that hasn’t stopped its growth, second only to DUMBO — Brooklyn’s most expensive neighborhood. The share of listings with a price cut is 70 percent, the most of all NYC neighborhoods on the site. However, the neighborhood has a low amount of homes for sale.
2. Battery Park City, Manhattan
Despite its close proximity to mass transit and parks, Battery Park City’s $1.5 million median price is on par with the rest of the borough. This neighborhood is also very family friendly. Demand in the area has helped keep prices up, however nearly 60 percent of listings in Battery Park City have discounts. Plus, it has more for sale units than Columbia Street Waterfront District.
3. Chelsea, Manhattan
Chelsea is one of the borough’s most desirable neighborhoods, jam packed with eateries, a vibrant nightlife scene, and convenient access to mass transit. The neighborhood’s current median asking price is $1.89 million, well above the borough-wide median of $1.4 million. Over half of the listings in Chelsea saw price cuts, says StreetEasy.
4. Midtown, Manhattan
Despite the Midtown’s unwavering popularity, nearly 55 percent of listings received a discount. According to StreetEasy this could suggest the neighborhood is being priced too high. However, while the listing site acknowledges that Midtown has a good amount available inventory currently, it is not likely to become a “bargain basement” anytime soon. Its prime location will keep this neighborhood in high demand for the foreseeable future.
5. Lenox Hill, Manhattan
With a median price of nearly $2 million, Lenox Hill is one of Manhattan’s “most upper-crust” neighborhoods, according to StreetEasy. A hub of New York’s “elite,” the area is home to many luxury buildings, private prep schools, antique shops, and high-end fashion boutiques. The area is seeing 56 percent of its listings discounted, which could help make the sought-after neighborhood slightly more affordable for some homebuyers.
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