The Pulse - Manhattan Luxury Market 2/12/24

Pulse

The Pulse - Manhattan Luxury Market 2/12/24

Manhattan's $4M & over luxury real estate market is on an exhilarating roll for the past three weeks, boasting above-average contract numbers. Welcome to this week's edition of the Pulse. Let's dive in!

Key Takeaways

  • Steady Growth: The luxury market has shown consistent strength, with contract activity surpassing average levels over the past three weeks. This indicates a robust market that could lead into an active spring.
  • Condos Continue to Lead: Last week, condos accounted for a 79% share of the luxury market. This trend highlights the continued preference for condominiums for less restrictive ownership.
  • Neighborhood Activity: Downtown Manhattan remains the most popular area, with a 50% share of the market last week.The Upper East Side and Upper West Side tied for second place both with a 25% market share.
  • New Developments: New developments captured 25% of the market share last week, pointing to strong buyer interest and the allure of new development. In January, according to Marketproof,a data firm specializing in new development, the median PPSF reached $2,842 (+2%). 31 of the 32 luxury deals this month were signed in Manhattan.
  • Market Tipping In Favor of Sellers: The dynamics suggest a market currently slightly favoring sellers, with a healthy rate of contract signings and only a slight increase in inventory.
  • Economic Indicators: With interest rate cuts anticipated to start in May, the outlook for Manhattan's luxury real estate market in 2024 is positive, bolstered by the market's current momentum.

Top 2 Contracts of the Week:- Click for photos & details of all 24 Contracts

#1- 443 Greenwich St #PHE, West Village: Listed at $28M, this luxury condo offers 5 bedrooms, 5.5 baths, and spans 5,628 sq. ft.,

#2- 126 E 86th St #PH, Upper East Side: This new development, priced at $19.75M, features 5 bedrooms, 5.5 baths, and 5,628 sq. ft.

 

Strategies for Sellers and Buyers:

For Sellers: In a market that’s tilting in your favor, understanding how to position your property to stand out is crucial. To arm yourself with knowledge and strategies designed to navigate this seller’s market with finesse, we invite you to:

  • Download My Seller Presentation: Dive deeper into successful selling strategies tailored for Manhattan’s luxury market. Download Now
  • Explore My Seller Process: Familiarize yourself with the step-by-step journey of selling your property, ensuring a smooth and profitable transaction. Learn More

 

For Buyers: With the landscape offering unique finds and potential deals, being well-prepared can make all the difference in securing your ideal property. To guide your buying journey, we encourage you to:

  • Understand the Buyer Process: Gain insights into the buying process, from initial search to closing the deal, to make informed decisions. My process for buyers Learn more!
  • Connect for Personalized Seller & Buyer Advice: Tailored market insights and guidance can help you navigate the competitive market. Email me!

 

As we wrap up this week's edition of The Pulse, it's clear that Manhattan's luxury real estate market is buzzing with activity, offering promising opportunities for both sellers and buyers. With condos leading the market, diverse neighborhood appeal, and a strong interest in new developments, the landscape is ripe for strategic moves. For sellers, the current market dynamics present a favorable environment to list properties, while buyers have a unique opportunity to find value in a competitive marketplace. Until next week, may your real estate dreams and goals 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.