Sales contracts for Manhattan apartments plunged by nearly a third in June as the city’s scorching real-estate market started to cool amid recession fears.
Brokers say wealthier buyers in Manhattan are more spooked by the stock-market declines and crypto losses than higher mortgage rates. Added to that are continued concerns about New York's crime and high taxes.
Prices haven't started falling yet — at least not broadly. But brokers say buyer attendance at open houses and multiple bids have all but evaporated. McKenzie Ryan, a top New York broker with Douglas Elliman, said one of her clients is a Manhattan family that had a baby and was looking for more space with a budget of around $4 million.
Buyers aren't showing up for open houses or showings as they were even in April. She said she had a listing that month that attracted 31 people to the open house. When she held an open house for a similar listing and similar price point in June, only four people showed up.
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