The Pulse - Manhattan Luxury Market 1/30/24

Pulse

The Pulse - Manhattan Luxury Market 1/30/24

What a week we've had! With the market hitting its highest peak since October and contracts surging by 60% from the prior week, there's an exciting buzz in the air. Welcome to this edition of the Pulse! Let's dive in!

Key Takeaways

 

#1 - A Surge in Luxury Contracts: This past week was nothing short of spectacular. We witnessed 24 luxury contracts being signed, a clear 20% leap over the benchmark that defines a healthy market and a 60% increase over the prior week. What's more? The contracts for January year-to-date have seen a 27% increase compared to last year. Although new listings are mirroring last January's figures, the demand is undeniably starting to impact supply, signaling a potential robust spring market.

#2 - The Reign of Condos and Downtown: In the spotlight this week are condos and downtown properties. Condos have impressively claimed 58% of the market share, with downtown areas following closely at 42%.

#3 - New Developments and Townhouses Shine: New developments, usually accounting for a modest 15% of the market, stood out with 9 contracts and a commanding 38% market share. Not to be overlooked, townhouses, a niche 2% of our housing stock, made a statement with 5 contracts and a 21% share. This performance is particularly impressive.

#4 - The Anticipated Federal Reserve Decision: With the Fed meeting on the horizon this Wednesday, all eyes are on potential rate changes. While stability is expected, whispers of a rate cut in March, though more likely in May, are creating a stir in the market.

 

Top Contracts & Contract Details of all 24 Contracts

#1 - Luxury Defined at Armani – 760 Madison Avenue #9: This new development condo, with a $25M price tag, boasts 5 bedrooms, 5.5 baths, and a sprawling 4,530 sq ft. It found a buyer after 114 days on the market.

#2 - Quick Sale at 520 Park Avenue #17: A resale from a recent development, this property, asking $18M, features 4 bedrooms, 5.5 baths, and spans 4,613 sq ft. Remarkably, it was snapped up in just 4 days.

 

Advice Corner for Buyers & Sellers

  • Sellers: As we approach spring, if your property has been lingering on the market, now is the time to reassess your strategy. With more inventory expected, a proactive approach in pricing and marketing is key.
  • Buyers: The upcoming spring season, coupled with the buzz around potential mortgage rate decreases, presents an opportune moment. Despite an influx of listings, don't expect a dip in prices – demand remains robust.
  • Need Expert Advice?: Contact me here to answer your questions and guide you through the market's nuances. Let's connect.

 

Conclusion

This week's Pulse illustrates a vibrant and evolving Manhattan luxury real estate market. For those navigating these waters, whether buying, selling, or simply observing, staying informed is vital.

For tailored advice and the latest market insights, I'm just a message away. Reach out to me.

Join me again next week for more insights and updates from Manhattan's luxury real estate front lines. May your real estate goals and dreams become a reality!.


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Carol Staab has an innovative luxury real estate practice that provides an elite level of concierge service through unparalleled world-class marketing and a hands-on business approach. Her mission is to give her clients an exceptional experience while helping them achieve the best results possible.