Manhattan Luxury Real Estate Slows to a Halt – Mansion Global

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Manhattan Luxury Real Estate Slows to a Halt – Mansion Global

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.

More: With Major Markets in New York, California and Illinois on Pause, So Are Many Home Sales

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,
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