Sticker Shtick: NYC Condos Currently Going For Anywhere From 5 to 30 Percent Below Listing Price

%We've devoted many pixels here at the New Construction Manhattan blog to the buyer-friendly trends in the market for NYC condos, and with good reason -- this is a pretty excellent time to be buying a condominium in Manhattan, for a myriad of reasons. That said, a look at the prices for NYC condos at present might make it seem like the buyer's market in NYC real estate is... well, not nearly buyer-friendly enough. And it might indeed seem that way, were you to look at the prices for, say, condos on the Upper West Side or Upper East Side. But the most important thing to note is this: per a recent report at The Real Deal, no one is actually paying those prices. In fact, most condos for sale in Manhattan are currently selling for somewhere between five and 30 percent less than their list prices. Why is this?Well, for two reasons. Prices are negotiable because there are currently more condos for sale in Manhattan than there are buyers for condos in Manhattan; listings don't reflect this fact because developers don't necessarily (that is really, really don't) want to look desperate. But they do want to sell those condos. "Asking prices for new condos -- the figures quoted in online listings and in advertisements -- now have little to do with the final sale price," TRD's Candace Taylor writes. "While developers are reluctant to lower their official prices, units are selling for anywhere from 5 to 30 percent less than the sticker price, brokers say. That's a huge change from just a few years ago, when the prices of new condos were considered nonnegotiable." The New York real estate market is what a constantly changing and evolving animal, but in this instance -- for however long it lasts -- it again seems to have evolved in a direction that's favorable for buyers. Given the new negotiability in the prices of NYC condos, an experienced, maybe even somewhat aggressive real estate agent is a huge resource to have in your corner. We can help you with that, of course, but first things first: when you're checking out our Manhattan condominium listings, remember that those prices aren't written in stone. They're barely even written in pixels.

NYC Daily Real Estate Blog

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