The Pulse - Manhattan Luxury Market 5/21/24
Pulse
Pulse
The Manhattan $4M & over luxury real estate market continued its impressive surge last week. Welcome to this week's edition of The Pulse, your trusted source for the latest market data, insights, and expert advice in the Manhattan luxury real estate market.
As evidenced by the surge in contracts significantly above the average benchmark, we are in the peak of the spring selling season, which will run through June. Take advantage of this prime time before the summer slowdown. The fall market will bring its own dynamics, including a possible rate cut and the noise from the presidential election, which typically keeps buyers on the sidelines until after the election.
While The Pulse provides an overview of the Manhattan luxury $4M & over market, remember that each building is its own micro-market. The most critical data for pricing your home is the market snapshot of your building, followed by the state of the market for your property type in your neighborhood, and then a macro view of the Manhattan market. Additionally, keep an eye on macroeconomic trends.
If you would like a detailed market and performance analysis report for your building, please email me.
If you're looking for a deal, focus on homes in July and August that have been on the market for 100 days or more. Sellers may be more negotiable to get a deal done. Co-ops and resale condos that are 10 years or older often offer better values.
Hire a Specialist: Always hire a broker with deep inside knowledge of the buildings and neighborhoods you're interested in. I recently observed a buyer using his townhouse specialist broker for a condo purchase. The result? A contract that, after 7 months, looks like it may not close. Even if it does, this buyer is unable to do a renovation due to a one-year building elevator project. This situation highlights the pitfalls of not hiring a specialist.
Sotheby’s has launched Private Office, a one-stop shop for its wealthy clients. This exclusive department provides access to off-the-market luxury assets, including real estate, fine cars, and art. Named the Family Office, it offers billionaire clients the ability to buy and sell assets, access financial services, and obtain staffing solutions. This service combines the expertise of Sotheby’s International Realty, Sotheby’s Auction House, RM Sotheby’s, and Sotheby’s Financial Services. [Article]
As we navigate the peak of the spring selling season, it's clear that the Manhattan luxury market remains vibrant and full of opportunities. Sellers, capitalize on the current surge to list your properties before the summer slowdown. Buyers, take advantage of the upcoming summer months to find negotiable deals. Always hire a specialist with deep knowledge of your desired area to avoid costly pitfalls.
If you found this newsletter helpful and want more personalized advice or have specific questions about the Manhattan luxury market, please reach out to me. I'm here to help you navigate the complexities of the real estate market and make informed decisions. Contact me today for a consultation or to request a detailed market report for your property. Until next week, may your real estate goals and dreams become a reality.
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.
