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The effects of Brexit have rippled into New York City, and buyer anticipation of lower prices has pushed interest away from high-end luxury apartments, according to one real estate broker.
The market had "an immediate response" to Great Britain's vote to leave the European Union, said John Gomes, a Douglas Elliman broker.
On CNBC's "Power Lunch" on Wednesday, he recalled working on a $20 million apartment deal that went awry "the day after Brexit happened. " The buyer wanted to reconsider in hopes of hitting a lower purchase price.
"People are taking advantage of Brexit and the uncertainty that it causes ... to negotiate lower pricing in what is already a softer market," Gomes said.
The market shift has increased demand in a limited supply real estate environment.
"Anything below $3 million right now is raging. If it's below $2 million forget about it," Gomes said.
Looking forward to September, Gomes expects "the second half of the year [to] bring opportunity … as more inventory gets released."