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Discussion on the current state of the NYC real estate market, challenges of buying an entry-level home, the presence of foreign buyers, luxury real estate market, impact on rentals
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- The luxury real estate market in NYC for properties over $4 million is experiencing opportunities and negotiability, with cash deals prevailing over mortgage deals.
- Foreign buyers, including those from Germany, London, and Russia, are still active in the luxury segment of NYC real estate.
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The Luxury Sector Thrives with Cash Deals
The luxury real estate market in New York City, particularly for properties over $4 million, is currently experiencing significant opportunities and negotiability. Cash deals are prevailing in this sector, as mortgage deals have slowed down due to the less attractive interest rates. Sellers are motivated to unload their assets and take advantage of the uncertain market conditions. Notably, there have been recent sales of properties over $50 million, indicating strong activity in the ultra-luxury segment. However, the entry-level market is facing challenges, with buyers needing help from parents to finance down payments and adjusting to higher mortgage rates.
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