Name: 曼哈頓公寓為何賠售？ (Why Manhattan Condos Are Selling At A Loss)
Uploaded: 2026-03-22T17:47:08.000Z
Duration: 7 min 46 s

過去簡單式

Over the past year, one in three condo owners in Manhattan who sold, sold at a loss.

過去一年，曼哈頓有三分之一的公寓業主在出售時是虧損的。

情態助動詞 A2

Now, with the election of Mamdani, there are reports that the wealthy could flee even more, going to the suburbs or places like Florida or Texas.

現在，隨著 Mamdani 當選，有報導指出富人可能會逃離得更多，前往郊區或佛羅裡達州、德州等地。

動名詞

But the real reason why Manhattan real estate has been flat over the past decade and what the wealthy are really doing is a bit more nuanced.

但曼哈頓房地產過去十年停滯不前的真正原因，以及富人真正正在做什麼，其實更為細微。

you're reading about $100 million transactions, but those are largely detached from everyday New Yorkers.

你讀到的是一億美元的交易，但那很大程度上與一般紐約客無關。

Condominiums have often been looked at as a way for overseas investors to park money.

公寓常常被視為海外投資者停泊資金的一種方式。

The individual ROI you get on an investment unit is trivial, to be perfectly honest.

坦白說，一個投資單位的個人投資報酬率微不足道。

I mean, hello, if we pan out and look at the Manhattan Market over 10, 20 years, what's happened with prices over that time?

我的意思是，哈囉，如果我們拉遠一點，看看過去十年、二十年的曼哈頓市場，價格在這段時間發生了什麼變化？

Especially when you compare it to some of the hotter markets?

尤其當你把它跟一些比較熱門的市場比較時？

Yeah, I think Manhattan has pretty much been flat.

對，我認為曼哈頓基本上是持平的。

I don't think that people have, like, cashed in, sold their apartments and made money.

我不認為人們已經像，套現，賣掉他們的公寓然後賺到錢。

Investors track prices per square foot to compare properties.

投資者會追蹤每平方英尺的價格來比較房產。

In 2015, one square foot of space cost over $1500 in Manhattan.

在2015年，曼哈頓的一平方英尺空間就要價超過1500美元。

By 2025, prices had fallen to around 1100 per square foot, according to Redfin data.

根據Redfin的數據，到2025年，價格已跌至每平方英尺約1100美元。

That's still quite high compared to the rest of the country.

這跟全國其他地方比起來還是很高。

it's got a beautiful outdoor space and the maintenance here.

它有美麗的戶外空間，這裡的維護費用。

I mean, you'll probably make a little bit of money, possibly depending on what you buy.

我認為你可能會賺一點錢，這取決於你買什麼。

但我不認為人們是為了這個而買。

I mean, they want to buy something that maintains its value, and

我的意思是，他們想買一個能保值、而且

hopefully when they sell it, they can make a little bit of money.

希望他們賣出的時候，能小賺一點。

Today, 72% of condos sold in Manhattan are selling under list price.

今天，曼哈頓有 72% 的公寓賣價低於開價。

There's only so much of a demand pool that exists out there for these properties.

這些房產的潛在買家池其實有限。

Now, if you go look at these tall skyscrapers, where's your demographic there?

現在，如果你去看這些高聳的摩天大樓，那裡的目標客群是誰？

You've had a significant decline over the years in foreign capital coming in.

這些年來，進來的海外資金顯著減少。

It's still coming in, but not in the droves that it was, you know, back in the day.

還是有進來，但不像以前那樣大批湧入。

You know, most people care about mortgage rates.

你知道，大多數人關心的是房貸利率。

They have to get a mortgage to buy their home.

We're fortunate in that a lot of people are able to buy their homes with cash.

我們很幸運，很多人能夠用現金買房。

And that's why the market didn't decline as much as the rest of the country.

這也是為什麼市場不像全國其他地方那樣下跌。

Since the fed pivot in 2022, pushing rates higher.

自從聯準會在 2022 年轉向，推升利率以來。

What we are seeing is a tremendous amount of affluent buyers coming into New York City.

我們看到大量的富裕買家湧入紐約市。

And the affluent aren't relying on interest rates, they're relying on cash.

而富裕階層不依賴利率，他們依賴現金。

Most Manhattan condos are purchased all cash.

曼哈頓的大部分公寓都是全現金購買。

It shows you that we are in such a discretionary market.

這顯示我們處於一個非常由消費能力決定的市場。

They say if you leave New York City, you have to live in America.

他們說，如果你離開紐約市，你就得住在美國。

And I think that's true because this is a different environment.

我認為這是真的，因為這裡的環境很不一樣。

Buyers who need a mortgage to purchase in Manhattan are looking at rates over 6%.

在曼哈頓需要貸款買房的買家，現在的利率都超過 6%。

This leaves many of them waiting on the sidelines.

這讓他們中的許多人只能在場邊觀望。

I would equate the last three years of low activity solely due to interest rates.

我認為過去三年活動量低迷，完全是利率造成的。

Most consumers who rely upon, you know, obtaining financing acquire a home were priced out of the market because the price appreciation, along with the record level debt service just made it completely cost prohibitive for them.

大多數依賴貸款購房的消費者，因為房價上漲加上創紀錄的債務負擔，讓他們根本買不起。

And that's actually why rents went up so much, because people couldn't afford to buy.

這也正是租金大幅上漲的原因，因為人們買不起房子。

The losses in Manhattan condos may be one reason that even the wealthy are choosing to rent.

曼哈頓公寓的虧損，或許是連富人也選擇租房的原因之一。

First time home buyers today, the average age is 40 years old.

現在首次購房者的平均年齡是 40 歲。

That's, you know, it's heinous that that's what we've come to.

這真是太糟糕了，我們竟然落到這個地步。

The buying side, I'm seeing more of that people in their early 30s and they're getting a little bit of help from their parents as well.

在買房這方面，我看到越來越多年輕人，他們大概三十出頭，而且還會從父母那裡得到一些幫助。

Condo buyers pay transaction costs, maintenance fees and property taxes, all of which eat into returns.

公寓業主需要支付交易成本、管理費和房產稅，這些都會侵蝕報酬。

So in New York City, our closing costs are tremendously high.

所以在紐約市，我們的過戶費用非常高。

And part of that is to disincentivize flipping of properties.

其中一部分是為了阻止短期炒房。

You have brokerage commission between 5 to 6% and you pay New York City transfer tax of 1.425%.

你需要支付 5% 到 6% 的經紀佣金，還有 1.425% 的紐約市轉讓稅。

And a lot of buildings have exit fees as well.

而且很多大樓還有額外的費用。

You know, you're talking north of 10% and that's before you get to paying any gains taxes.

你知道，這加起來可能超過 10%，而且這還沒算上任何資本利得稅。

So you have to make a decent return in order to even just cover the exit fees, you know, from a return on investment.

所以你需要有不錯的回報，才能光是打平這些出場費用，你知道，從投資報酬率來看。

I think there's probably more upside over the next 10 years than the last 10 years.

我認為未來十年，上漲的潛力會比過去十年更大。

With elevated interest rates, we're going to see a lower level of production of condominiums, especially luxury condominiums, which is going to make them more expensive New York is more dependent than ever on the very wealthy.

隨著利率升高，我們將看到公寓的生產量降低，尤其是豪華公寓，這會讓它們變得更貴。紐約比以往任何時候都更依賴富人。

The top 1% of earners pay more than 40% of all income taxes.

收入最高的 1% 人支付了所有所得稅的 40% 以上。

The average sale price for Manhattan real estate is nearly $2 million.

曼哈頓房地產的平均售價接近 200 萬美元。

Most condos sold sell for over $1.5 million.

大多數出售的公寓售價都超過 150 萬美元。

Tell us about who those luxury buyers are.

跟我們說說這些豪華買家是誰。

New, you know, there are New Yorkers who are going from uptown to downtown, empty nesters, some of that.

你知道，有些紐約客從上城搬到下城，像是空巢老人，之類的。

Younger families moving from places from California to New York, a little bit of that, not so much international.

年輕家庭從加州等地搬到紐約，也有點這種情況，但國際買家不多。

The luxury market has done so well this year and I think people made a lot of money.

今年豪華市場表現非常好，我覺得大家賺了很多錢。

Wall street calls it the K shaped economy.

Lower income Americans are cutting back while while the wealthy are doing most of the spending.

低收入的美國人正在節省開支，而富人則在進行大部分的消費。

I'm shocked by the level of luxury buying and commitment to the city.

我對豪華購物的程度和對這座城市的投入感到震驚。

We were hearing about this seismic shift post Mamdani, and that didn't happen.

我們聽說過 Mamdani 當選後會有巨大的轉變，但這並沒有發生。

事實上，我們看到的是相反的情況。

New York City Mayor elect Mamdani promises to tax the rich and freeze the rent.

紐約市市長當選人 Mamdani 承諾要對富人徵稅並凍結租金。

You're looking at three to four years of zero rent increases for rent stabilized tenants.

這意味著租金穩定租戶將有大約三到四年的租金零漲幅。

There's about a million two rental units that are open market.

大約有一百二十萬個租賃單位是自由市場的。

And so what that's going to cause landlords to do is push expenses on the buildings they control as an entity, push rents higher for open market tenants.

所以這會讓房東們做什麼呢？他們會把他們控制的建築物的開銷轉嫁出去，然後提高自由市場租戶的租金。

19% of New Yorkers plan to leave the city over the next five years.

有百分之十九的紐約客計畫在未來五年內離開紐約市。

The top factors, housing affordability, crime and safety, living space, taxes, amenities and job opportunities.

主要因素是住房負擔能力、犯罪與安全、居住空間、稅收、生活便利設施和工作機會。

That said, 55% of New Yorkers polled before the election plan to stay.

儘管如此，在選舉前接受民意調查的紐約客中，有百分之五十五計畫留下來。

So I think people buy things depending on their situation.

所以我認為人們買東西會根據他們的情況來決定。

Has somebody pass away and then they decide what they're going to do.

是不是有人過世了，然後他們再決定要做什麼。

And that's really real estate in a nutshell.

People don't go, mmm, it's a good time, let me invest my money.

人們不會說，嗯，現在是個好時機，讓我來投資我的錢。