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.

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#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.

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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!.