Real Estate

Manhattan apartment deals plunge 57%, suburban real estate surges

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Apartment contracts in Manhattan fell by more than half in July, while deals in many New York suburbs more than doubled, showing a continued flight from the city over the summer.  

The number of signed contracts for co-ops and condos in Manhattan — the best real-time measure of activity — dropped 57% in July compared with a year ago, according to a report from Miller Samuel and Douglas Elliman. The high-end of the market is getting especially hard hit, with co-ops priced at $4 million to $10 million down over 75%.

As deals dry up, the number of apartments listed for sale is surging. New apartment listings jumped by 8% in July compared with a year ago. The number of unsold apartments…



Source cnbc.com

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