Is this a good time to sell a condo in Manhattan?

Question

I am looking to sell a condo in battery park, Manhattan but have to option to hold off the sale by a year or two in case it is not a good time to sell. Any opinions from anyone who has recently sold / looking to sell in Manhattan / Battery Park?

Jason Lee · Answer

The market is very active. We have a record number of contract signed each week in Manhattan going back a few months now (at least 300 each week). Historically there would be a seasonal slow down now but there were 353 contracts signed last week, so no signs of slow down. That's a record number of activity. Pending sales continues to rise, meanwhile supply is down. A lot of people are moving back into the city now. If it's between now (a seller's market) and a year or two from now, then I would get your apartment listed asap. We have no idea what the market will look like in a year or two.

Brandon Cohen · Answer

@Punit Kaishap I’ve seen the usual slowdown that leads in July 4th weekend, though overall the market is very active…especially in the high end market.  In the last 3 weeks my team and I have had multiple bids on condo listings priced at: $1.495m, $2,450,000, and $8,800,000.  If you’re considering selling, it’s a good time if you have a good time depending on what you have to sell at least.

Francois G. · Answer

A year or two in this market is a lifetime. Think about how drastically the market has moved this last year.

Right now is the best time to sell in Manhattan. The market has shifted into a hot seller's market the last few months and sales activity is sky high right now.

What's the approximate value of the home? I ask because the luxury market ($4M+) is the hottest it's ever been in NYC. If your property falls into that category it's a no brainer. If it's significantly less than that and if your generating solid income from rent, it wouldn't be the worst idea in the world to hold. But if selling for top dollar is your priority, definitely list now.

Is this a good time to sell a condo in Manhattan?

Most Popular Reply