The Pulse - Manhattan Luxury Market 4/22/24
Pulse
Pulse
This past week marked a significant resurgence in the Manhattan luxury market, with a 41% increase in contracts for properties priced $4M and over. Let’s dive into the key developments and how they affect your real estate strategy:
Robust Recovery: Contracts soared above the 20-contract threshold, a sign of a healthy market. Though a single week doesn't set a trend, we're closely aligned with last year’s figures, showing a modest 3% decrease.
Inventory Insights: There was an 11% weekly dip in inventory, yet it remains 4% higher compared to last April, providing a variety of options for potential buyers.
$5M to $10M Range: The market pulse stands at 0.75, slightly favoring sellers.
Above $10M: Here, the market pulse is -0.65, slightly favoring buyers, presenting strategic opportunities.
Condominiums: Continue to dominate with a 63% share.
Downtown: This neighborhood leads with a 42% market share.
New Developments: Accounted for a strong 29% market share, underscoring the appeal of brand-new and modern living spaces.
With the Fed's recent indications around interest rates due to inflation and geopolitical concerns, coupled with mortgage rates reaching 7%, mortgage application activities have felt the impact.
2 East 67th Street: Sold for $44.5M, this pre-war co-op features five bedrooms and 5.5 baths.
21 E 26th #PH: This luxury condo, offered at nearly $25M, showcases the continued demand for expansive, high-end living spaces.
Sellers: Focus on essential repairs, fresh paint, and virtual staging to showcase your property’s potential. Competitive pricing is essential to attract serious buyers quickly in a market that values newly developed or renovated homes.
Buyers: For those of you that are financing, an adjustable-rate mortgage might be your best strategy to capitalize on potential future declines in interest rates. Now is the time to act if you find a property that captures your heart.
There is a notable trend among the affluent: the growing preference for concierge medical services. As highlighted in CNBC's Robert Frank's "Inside Wealth" newsletter, concierge healthcare is rapidly becoming a staple in luxury living. Featured expert Dr. Jordan Shayne and an informative chart detail the rise of these personalized healthcare practices.
As someone who has partnered with a longevity-focused concierge doctor for two decades, I find this shift towards customized, immediate medical care both significant and telling. Health is indeed becoming the new wealth.
What are your thoughts on this luxury approach to health and wellness? Let's discuss how prioritizing personalized care is reshaping our perspectives on true wealth. Email me here. Explore the Full Article
This week’s developments demonstrate the dynamic and resilient nature of Manhattan's luxury real estate market. Have questions or thoughts about this week’s report? Reach out anytime, and feel free to share the Pulse with others who might find it valuable. Until next week, may your real estate goals and dreams become a realty!
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.
