Connect with us

Business

One in three Manhattan condo owners lost money when they sold in the last year

Published

on

One in three Manhattan condo owners lost money when they sold in the last year


A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

More than a third of the condo apartments sold in Manhattan over roughly the past year sold at a loss, although the top end of the market fared better, according to a new report.

Despite the steady stream of headlines about eye-popping sales and soaring prices in Manhattan real estate, the median price per square foot for Manhattan condos is essentially flat from a decade ago, according to a report from Brown Harris Stevens. One in three condo resales between July 2024 and June 2025 were sold at a loss, according to the report. When including inflation, transaction costs and renovations, the share of losses by condo sellers is likely even higher, according to real estate analysts.

While the data didn’t include co-ops, analysts say co-op prices have generally fared the same or slightly worse than condos.

“For the last decade, Manhattan has essentially been moving sideways,” said Jonathan Miller, CEO of Miller Samuel, the appraisal and real estate research firm.

The long-term price weakness in Manhattan stands in stark contrast to much of the country, where home prices are up substantially since the pandemic, creating a widespread affordability crisis. Only 2% of home sellers nationally who purchased homes before the pandemic are at risk of selling at a loss, according to Redfin.

Get Inside Wealth directly to your inbox

Manhattan is still among the most expensive markets in the country, especially on a per-square-foot basis. The median price for Manhattan sales in the third quarter was $1.2 million, while the average is just under $2 million, according to Miller Samuel and Douglas Elliman. Yet over the longer term, an analysis of resales finds that the timing of purchases in Manhattan typically matters more than location.

Condo owners who bought before 2010 have fared the best. The median gains for those in that cohort who sold over roughly the past year were between 29% and 45%, according to the Brown Harris report. Prices started to rise after the financial crisis, peaking in 2016. That means for those who bought between 2011 and 2015, the sale gains in the past year were modest, around 11%.

The biggest losers were those who bought after 2016. Half of the buyers who bought between 2016 and 2020 sold at a loss over the surveyed period. Among those who bought between 2021 and 2024, the gains were slim – although some buyers who got deals during the depths of the Covid downturn in late 2020 and early 2021 may fare better.

Adding in other costs of buying, selling and ownership would further add to the losses. Transaction costs in Manhattan can range from 6% to 10%, according to brokers. Renovations and improvements also aren’t counted in the losses, nor are maintenance fees or taxes. Adjusting for inflation would also increase the losses and lower returns.

Stijn Van Nieuwerburgh, co-director of the Paul Milstein Center for Real Estate at the Graduate School of Business at Columbia University, said inflation has increased 36% over the past decade.

“So if I had invested in a Manhattan condo in September 2015 (close to the peak) and sold it in August 2025 for the same nominal price, a 0% nominal return, I actually lost 36% in real terms,” he said. “This is surprising since many people think of real estate as a good inflation hedge.”

He noted that the Case-Shiller national home price index went up 89% in the 10 years between September 2015 and August 2025, “a lot better than in NYC and also far higher than the 36% inflation.”

The reasons for Manhattan’s “lost decade” in condo prices are as varied as they are disputed. The cap on state and local tax deductions that began in 2018 put pressure on prices and demand, as did a 2019 rent law. The migration of some higher earners to Florida during Covid also added to real estate fears, although the population and demand quickly rebounded.

The one exception to the trend was the top of the market. Those who bought and sold apartments for $10 million or more made double-digit profits, no matter when they initially bought.

Brokers and analysts say the increased concentration of wealth at the top, rising stock markets and ceaseless demand from those who are less affected by economic and market cycles has powered continued gains in the luxury market.

“The higher end has fared better over the decade, especially in, let’s say, the top 4% of the market,” Miller said. “The reason is Wall Street and financial markets. And the ability to buy in cash, independent of interest rates.”

Two thirds of the apartment deals done in the third quarter were done in cash, Miller said, far above the historical average of around 53% and showing the continued dependence of the Manhattan market on wealthy buyers who don’t need mortgages.

In a market defined by frequent ups and downs, brokers say the current upswing presents an opportunity for both buyers and sellers.

“I’m bullish and have a very positive outlook for New York real estate,” said Jared Antin, executive director at Brown Harris Stevens and a co-author of the report. “While some people may have lost money on the deals [over the decade], the losses were negligible. It speaks to the blue chip nature of the Manhattan market. Does everyone want to make money on their real estate? Of course. But this market is incredibly stable.”

Sellers who bought during the dip in 2020 and early 2021 could also see profits when they start to sell, Antin said.

Still, with median prices hovering near all-time highs and uncertainty around the upcoming mayoral election, many potential buyers prefer to stay on the sidelines and rent, even if they can afford to buy. The number of households in New York City making more than $1 million a year who are renting more than doubled between 2019 and 2023, to 5,661, according to a report from RentCafe.

What’s more, signed contracts for high-end apartments — priced at $4 million or more — fell 39% in September, according to Olshan Realty, following increases in August and July. Brokers blame a rapid decline in inventory and lack of new supply from condo developments rather than a decline in demand or fears that Zohran Mamdani, a democratic socialist, would become the next mayor of New York City.

“There certainly is a downside risk to policy,” Miller said. “But as we’ve seen in the past, those fears are usually overblown.”



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

This Slowest Train Moves At 9 kmph And Offers A Heavenly Journey

Published

on

This Slowest Train Moves At 9 kmph And Offers A Heavenly Journey


India’s Slowest Train: In an age where speed defines travel, one Indian train proves that slowing down can be the real thrill. Officially India’s slowest passenger train, the Nilgiris Mountain Railway moves at 9 km per hour, but delivers one of the most unforgettable rail journeys anywhere in the country.

Running between Mettupalayam and Ooty (Udagamandalam) in Tamil Nadu, this heritage train shows passengers that the beauty of a journey often lies in how long it lets you breathe it in.

A Heritage Ride Through The Blue Hills

Add Zee News as a Preferred Source


Recognised as a UNESCO World Heritage Site under the Mountain Railways of India, the Nilgiris Mountain Railway stands as a living piece of history and a cherished symbol of India’s railway heritage.

Built in the early 1900s, the narrow-gauge toy train uses a rare rack-and-pinion system to climb the steep slopes of the Western Ghats. It is an engineering marvel that has stood the test of time.

The train’s slow pace is not a limitation but a necessity. The route winds through narrow valleys, sharp bends and steep gradients carved into the Nilgiri hills, demanding caution and precision.

As the train climbs, passengers are treated to a journey that feels suspended between past and present, enhanced by steam locomotives and old-world wooden coaches that echo another era.

Stations, Scenery And A Five-Hour Escape

Covering a distance of about 46 kilometres over nearly five hours, the train stops at hill stations such as Hillgrove, Coonoor, Wellington, Aravankadu, Lovedale and Ketti. Each stop adds to the sense of timelessness, offering brief glimpses into quiet hill-town life.

Along the way, the landscape unfolds in layers. Dense forests give way to misty slopes, waterfalls spill down rocky faces and tea plantations stretch endlessly across the hills. The journey passes through 208 curves, 16 tunnels and around 250 bridges, making every kilometre feel like a carefully crafted postcard.

A Bollywood Moment Frozen In Time

The Nilgiris Mountain Railway also holds a special place in popular culture. It became iconic after featuring in the song ‘Chaiyya Chaiyya’ from the 1998 film ‘Dil Se’.

Shot with Shah Rukh Khan and Malaika Arora dancing atop the train, the sequence remains one of Bollywood’s most memorable visuals.

Sung by Sukhwinder Singh and Sapna Awasthi, the song was filmed on the same train, temporarily painted brown for the shoot. Its slow speed played a key role in making the daring choreography possible, though performers were secured with safety harnesses throughout.

More Than A Train Ride

For most travellers, the Nilgiris Mountain Railway is about slowing down, watching the hills rise and enjoying the journey as it progresses.

In a world obsessed with arrival times, India’s slowest train offers the freedom to enjoy the journey itself.



Source link

Continue Reading

Business

Thousands of drivers wrongly fined for speeding since 2021

Published

on

Thousands of drivers wrongly fined for speeding since 2021


Thousands of drivers could have speeding fines cancelled after a fault saw some cameras falsely triggered on English motorways and A roads.

And tens of thousands of drivers will have speed awareness courses cancelled as the government orders National Highways to look back at six years of speed camera data.

National Highways said it had found 2,650 wrongful speed camera activations since 2021 due to a delay between cameras and variable speed signs.

Not all camera activations are enforced, so not all of the wrongful activations will have resulted in fines.

Affected drivers will be contacted by police and be reimbursed for any fines while points will be removed from their licences where needed.

More than 36,000 drivers have been told by police their speed awareness courses are being cancelled as a precaution while the speed camera issue is investigated.

Police forces are also thought to be discontinuing thousands of other prosecutions, regardless of whether they were affected by the issue.

Transport minister Simon Lightwood said the government will compensate any affected drivers, refunding speeding fines and rescinding points from licences.

“Steps will be taken to remedy any incorrect prosecutions,” he said in a written statement to parliament.

National Highways apologised for the error.

“Safety is our number one priority,” said chief executive Nick Harris.

“All drivers should continue observing the posted speed limits as normal. Anyone who has been impacted will be contacted by the relevant police force.”

The agency said a temporary fix had been rolled out, providing an extra layer of data from the cameras to police forces so they can filter out any faulty captures.

But the agency gave no clear timeline as to when a permanent fix would be in place.

National Highways, which runs England’s motorways, blamed an “anomaly” in how variable speed cameras were interacting with signs on some A roads and motorways.

It meant a delay of around 10 seconds between cameras and relevant variable speed signs, meaning some drivers were incorrectly identified as speeding after the limit had changed.

So on a road where the speed limit increases, a driver may see a sign saying 60mph, but the camera recording it may still be working on the basis of a previous 40mph speed limit.

National Highways said the 2,650 incidents since 2021 represent fewer than two each day, compared with more than six million activations of speed cameras on the affected roads over the same period.

It said the anomaly has impacted 10% of England’s motorways and major A roads.

The fault affects 154 cameras out of a total of 400 across the entire motorway networkall of the variable speed cameras on smart motorways, and a section of the A14 between Huntingdon and Cambridge plus the A1 approach junction to the A14.

Andy Walpole, 55, from Swindon was one of those who was incorrectly landed with a ticket for speeding on the M25 between junction 9 and Cobham services.

“I was adamant I wasn’t speeding. I drive for a living, so I adhere to the variable speed limits within a mile an hour, so I knew I wasn’t,” he told the BBC.

He opted to pay for a speed awareness course rather than challenge the penalty, because he felt it was difficult to mount a successful appeal.

Though he was refunded the cost of the course, he says: “How can we have trust and faith in the system now?”

He also wonders how many people who chose to take points on their licence would have ended up with higher insurance premiums as a result of an unsafe conviction.

“What if you took your car insurance out the day after you’d taken the points? You declared those points on your insurance — where do you stand then?”

National Highways is working with police to check activations and promised nobody would now be wrongly prosecuted.

Meanwhile, police forces have stopped issuing fines from variable cameras until they have confidence in their accuracy.

National Highways said it will increase the use of traffic patrol officers to enforce speed limits in the meantime.

Lightwood warned drivers that “if you break the law, you can expect to be punished”.

A Department for Transport spokesperson said: “We apologise to anyone who has been affected. Safety was never compromised, and we are working with policing to ensure nobody is incorrectly prosecuted in future.

“Enforcement is still in place, and the public can remain confident that only motorists who break the rules will be penalised.”



Source link

Continue Reading

Business

Wisdom beyond markets: What is Warren Buffett’s success mantra & how to recreate it? – The Times of India

Published

on

Wisdom beyond markets: What is Warren Buffett’s success mantra & how to recreate it? – The Times of India


Warren Buffett’s lessons don’t just extend to markets and investment – they are often regarded as pearls of wisdom for dealing with life’s ups and downs. (AP file photo)

Warren Buffett is known for many things – he is one of the richest persons in the world, a master of investment, the ‘Oracle of Omaha’, Zen master and more. When it comes to business acumen and mastering the stock markets, Buffett’s mantras are cited as near-gospel by investors.As the 95-year-old approaches his retirement as Berkshire Hathaway’s CEO later this year, his remarkable investment acumen has garnered widespread recognition. His achievements have established him amongst history’s most accomplished investors, accumulating wealth estimated at $150 billion.But Buffett’s lessons don’t just extend to markets and investment – they are often regarded as pearls of wisdom for dealing with life’s ups and downs.According to a CNN report, Buffett’s teachings incorporate diverse philosophical traditions, drawing from Zen Buddhism, Confucian thought, Stoic philosophy and New Testament teachings. These principles provide guidance for navigating both financial markets and personal difficulties.

Warren Buffett’s Zen-like principles

Although not religious himself, Buffett’s career reflects substantial engagement with spiritual principles. Religious scholars and practitioners studying Buffett’s approach recognise him not only as a business leader but also as someone who embodies Zen-like wisdom in his methods and teachings, says CNN.Warren Buffett’s spiritual influence has extended globally over the years. His followers attend Berkshire Hathaway shareholder meetings to see the individual whom a financial expert described as “the God of investing.”Buffett himself serves as the primary source of his spiritual wisdom, having developed his own philosophical perspective. Both investors and non-investors study his sayings and teachings, including statements like “Someone is sitting in the shade today because someone planted a tree a long time ago.” He also notes that wealth “lets you be in more interesting environments, but it can’t change how many people love you or how healthy you are.Such philosophical observations from Buffett have led Leo Babauta, who practises Zen Buddhism, to recognise Buffett’s alignment with Zen principles.“He’s one of the richest men in the world, and yet I really don’t feel like he has made that a central part of who he is,” Babauta, author of “The Power of Less: The Fine Art of Limiting Yourself to the Essential…in Business and in Life,” tells CNN.“He’s surrounded by people who are focused on making money, and he sees how people are deluded (by that). That’s one of the central ideas of Zen: We’re all living these illusions of what’s going to make us happy.”In Buffett’s perspective, excellence in investing and personal integrity are inseparable. He suggests that one can always be in a bull market by adhering to three spiritual guidelines, which he articulates in his own words: ‘Envy and greed go hand in hand’The Ten Commandments include the directive against coveting, whilst envy features amongst the seven deadly sins. According to Buffett, amongst the seven deadly sins, envy stands alone as the only one devoid of pleasure. He has said, “Being envious of someone else is pretty stupid. Wishing them badly, or wishing you did as well as they did — all it does is ruin your day. Doesn’t hurt them at all, and there’s zero upside to it. If you’re going to pick a sin, go with something like lust or gluttony. That way at least you’ll have something to remember the weekend for.”This mindset has implications for investment strategies. Babauta’s analysis of Buffett’s investment approach reveals a conservative methodology rooted in Zen principles. Buffett acknowledges his own boundaries, particularly regarding technology investments, due to his limited understanding of the sector.“You would never find him chasing after cryptocurrency or the latest AI thing,” Babauta says according to CNN. “He looks for things that are fundamentally sound and that kind of discipline can only happen if he didn’t need to chase after things because of his contentment. That contentment, in his case, led to a lot of discipline.”‘More blessed to give than to receive’In June 2006, Buffett announced a big philanthropic commitment through a series of letters, pledging most of his wealth to foundations and charitable organisations. This philanthropic spirit continued in his recent shareholder letter, where he discussed plans to accelerate his charitable giving, allocating approximately a billion dollars to four family foundations.According to the CNN report, Buffett exemplifies the New Testament principle of giving over receiving, setting him apart amongst America’s wealthy. This characteristic inspired Robert L. Bloch, whose father established H&R Block, to compile “The Warren Buffett Book of Investing Wisdom: 350 Quotes from the World’s Most Successful Investor”. Speaking to CNN, Bloch identifies Buffett’s gratitude and generosity as essential spiritual values.Buffett demonstrates genuine concern for underprivileged and ordinary citizens, expressing a desire to contribute to society’s welfare, as Bloch notes. “That’s very spiritual. Not many billionaires are like that.”His charitable nature aligns with ancient Greco-Roman Stoic principles. Philosophers like Epictetus and Marcus Aurelius advocated that virtuous living was essential for happiness, whilst viewing material attachments as obstacles to self-control. As documented by Ryan Holiday, author of popular books on Stoicism, Aurelius, whilst serving as Roman emperor, liquidated palace possessions to reduce empire debt and support Roman citizens.According to Bloomberg Opinion columnist Beth Kowitt, Buffett credits his success to luck. “He is very clear that a lot of his success comes from being born a white male American in the year 1930. I think he believes that his wealth is a product of the system. It’s not all. He doesn’t buy into his own hype. And I think that is really different from what we see from a new cohort of Silicon Valley CEOs who seem to feel that they’ve contributed so much more to society than they’ll get back,” she tells Bloomberg. “This is a little bit of the secret of his success. It’s kind of helped him avoid hubris and the mistakes that come with it. And I think, you cannot recreate Warren Buffett’s luck, but you can certainly try to recreate this mentality,” she says.

Keeping the faith

People in the US have faced significant challenges recently. A Politico survey reveals nearly 50% of citizens struggle with essential expenses like food and healthcare. Various polls indicate that over half of Americans believe the country’s peak has passed.Nevertheless, Buffett maintains optimism in America. This optimistic outlook mirrors the Christian virtue of faith, despite his non-religious stance. According to Christianity’s central figure, faith possesses transformative power. Another New Testament author defines it as “confidence in what we hope for and assurance of what we do not see.”Warren Buffett stands as America’s foremost optimist. During challenging economic periods and political turmoil, he has maintained his positive outlook with statements like, “For 240 years, it’s been a terrible mistake to bet against America, and now is no time to start.” And: “We always live in an uncertain world. What is certain is that the United States will go forward over time.”This unwavering confidence motivated Bloch to explore Buffett’s statements in detail.“You got to have faith that it’s going to get better and we will come out of this,” Bloch explains to CNN, referring to the current political and economic climate in the US. “Look at 1776, 1820, and the Great Depression. America just got bigger and better throughout history.”This steadfast belief appears to be the source of Buffett’s consistent positive attitude. His wholesome Midwestern outlook is captured in his retirement letter: “Kindness is costless, but also priceless.”Unlike many billionaires who display domineering attitudes, Buffett maintains courtesy even towards critical voices at shareholder meetings and avoids associations with questionable individuals. As he stated, “You can’t make a good deal with a bad person.”He frequently discusses an unexpected topic in the competitive investment world: love.His perspective on love is clear: “The only way to get love is to be lovable” as money cannot purchase genuine affection. He believes in the reciprocal nature of love, stating, “The more you give love away, the more you get.”This approach, rather than his successful investments in Coca-Cola, Wells Fargo and Kraft Heinz, might be considered his most significant contribution. He has earned widespread respect in America not solely for his financial success but for his consistent consideration of others.His investment in human relationships may prove to be his most valuable achievement.



Source link

Continue Reading

Trending