The Pulse - Manhattan Luxury Market 4/29/24
Pulse
Pulse
Rising Momentum in Manhattan’s Luxury Real Estate as $4M+ Market Climbs 12.5%! Welcome to this week's edition of The Pulse—your essential guide to the ebbs and flows of Manhattan's luxury market. With the bustling activity last week, here's everything you need to know to stay ahead:
The number of contracts signed last week saw an encouraging rise of 12.5% compared to the previous week. However, a year-over-year comparison for April shows a slight contraction, with contracts dipping by 6% from last April's 99 to 93 this April.
Inventory remains largely stable, showing a minimal decrease of 1.6% compared to last April. This suggests a balanced market environment, with consistent supply meeting ongoing demand.
Condominiums continue to dominate, claiming 70% of the market share. Geographically, Downtown leads with 41% of contracts, closely followed by the West Side at 37%.
The luxury segment above $10M and new developments each grabbed a 30% share of last week's market, highlighting strong interest in premium properties.
A significant 41% of listings were negotiated down, with a median discount of 7.8% from the original asking price to the last listed price.
With the Federal Reserve’s meeting on the horizon, all eyes are on the anticipated steady rates. Chair Powell’s firm stance leaves room for speculation, ranging from a potential rate cut in September to maintaining the current policy.
Sellers: Capitalize on the market's current vigor. With the next two months typically being active, consider evaluating your property's competitive stance if it has been on the market for over 100 days. Adjustments in pricing, enhancements in online presentation, or intensified marketing efforts may be necessary.
Buyers: Look for potential bargains among older co-ops and condos. These properties may offer valuable deals, particularly those that have been on the market for a decade or more.
#1- Trump International Hotel Residences - 1 Central Park West #47BC
Asking $27.5M for a spacious 6,279 sq. ft., 5 bedrooms, and 6.5 baths home at $4,379 per sq. ft.
#2- The Highline New Development Condo - 500 W 18th Street
Priced at $25.6M for a 5,125 sq. ft., 4 bedrooms, and 4.5 baths luxury at $4,999 per sq. ft.
For those of you looking for a less expensive ride than the Blade helicopter, there is a new luxury bus , the Blade Streamliner which wll feature first-class amenities such as deep-recline seats with memory foam backs and power leg rests, ultra fast Wifi, pillows, blankets and hot-towel service. As for me, I take the Ambassador, the Jitney's luxury bus which stops just several blocks away from my condo. Read the article here in the NY Post.
As April comes to a close and the bustling spring market continues, maintaining a strategic approach will be key in navigating the ever-evolving Manhattan luxury real estate landscape.Until next week, may your real estate dreams and goals 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.
