The housing market in one of the wealthiest locations in the country dropped to a record-low in the first quarter of 2019; with would-be homeowners ditching Manhattan due to massive taxes and crumbling infrastructure across New York City.
“Purchases dropped for a sixth straight quarter in the first three months of 2019 as sellers struggled to cut prices deeply enough to attract offers. Transactions totaled 2,121, the fewest for a first quarter since 2009,” reports Bloomberg.
“You have a seller generally overpriced and willing to make discounts that bring them closer to the market, but the buyer is not willing to come up,” said one real estate insider. “The bigger the disconnect between buyers and sellers, generally speaking, the lower the sales activity is.”
The move comes as New York officials unveiled their latest “congestion pricing” proposal; charging commuters $11.50 to enter midtown Manhattan and truck drivers upwards of $25 to make deliveries across the Big Apple.
Read the full report here.