Condos Amid Shifting Pandemic And SFR Cost

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Ed Lanzoni, loan officer for First World Mortgage, said he, too, noted “much higher demand” for apartments.

He said: “Most condominiums seem to be selling for about $ 5,000-15,000 over asking price, depending on several factors such as location, homeowners association financial performance and size.”

New Jersey broker Daniel Casasnovas said people in New York were “paying a significant price for small apartments,” in part due to relatively low rates and low inventory levels.

He agreed that people who were able to sell their apartments during the pandemic bought much larger but affordable properties outside of New York, but he hoped sales would level off as stocks “start slowly but surely. grow”.

He said, “As inventory grows, I believe home prices will fall.”

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