BUST: Real estate prices fall sharply in New York

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Even after a full quarter of sales data in the middle of the pandemic, it is difficult to define the form of a possible recovery. More than 90 percent of second-quarter sales were actually signed before the virus hit New York in March, said Bess Freedman, managing director of brokerage firm Brown Harris Stevens.

“A lot will depend on what happens with schools at the end of the summer,” said Freedman, as few potential buyers with children who have left town to escape the pandemic will choose to return if virtual classes continue.


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