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With sales and prices falling across NYC, Queens defies trends and sets new record highs

Brick Underground // Oct 10, 2019

Other market reports

CORE’s third-quarter Brooklyn market report noted that the impact of the new mansion tax was more subdued here than in Manhattan, where buyers rushed to meet a July 1st deadline and then ghosted in the third quarter.

The changes to the mansion tax now kick in at $2 million, so “only 19 percent of inventory was immediately impacted,” says Garrett Derderian, managing director of market analysis. Lower mortgage rates encouraged buyers to a much greater extent than in Manhattan because there are fewer all-cash buyers in Brooklyn”, he says.

The borough hit another milestone: Derderian says there are now more properties listed for $1 million or more, with a 51.5 percent share, than there are listed for less than $1 million.

 

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Original Article: Brick Underground