In Manhattan’s Sluggish Home Market, Cash Is Greasing the Wheels
A record share of buyers are avoiding mortgages, and sellers eager to close are jumping at their all-cash offers.
This article is for subscribers only.
More Manhattan homebuyers are paying cash than at any point in recent history, to take advantage of deals to be had in a sagging sales market.
Nearly six in 10 purchases in the first quarter were completed without financing, from a $700,000 Hell’s Kitchen studio that a mother bought for her daughter, to a 2,900-square-foot (269-square-meter) condo in a newly converted hotel near Central Park that sold for $10.3 million.