The coronavirus paralyzed the Manhattan real estate industry last week, with just two high-end homes entering into contract, according to the weekly Olshan report, which tracks contracts signed for homes asking $4 million or more.
Despite low interest rates, a rebound in the stock market (following a precipitous drop the week before), and lower prices, the market stalled for logistical reasons.
On March 20, New York Gov. Andrew Cuomo ordered a mandatory shutdown of all non-essential businesses beginning March 22 at 8 p.m. “This included the residential real estate market, making it a misdemeanor to show a property, which may mean fines that could exceed $2,000 and the possible revocation or suspension of the agent’s license,” Donna Olshan, president of Olshan Realty, said in the report.
The last time the Olshan report recorded only two contracts signed in a week was Aug.17-23, 2009, during the market collapse.
But it’s been worse, too. According to Ms. Olshan, no contracts were signed at all during the week of Dec. 21-27, 2009.
It’s worth noting, though,