The Pulse - Manhattan Luxury Market 5/7/24

Pulse

The Pulse - Manhattan Luxury Market 5/7/24

Last week's $4M & over luxury Manhattan real estate market continued to its strength. Welcome to the latest edition of the Pulse Manhattan Luxury Real Estate Report—your weekly insight into the high-end real estate market of Manhattan.

Market Overview

This week, the Manhattan luxury market showcases its consistent strength:

  • Stable Sales Activity: With 27 contracts signed, mirroring last week’s performance, the market's resilience is evident. This steady activity highlights sustained interest in luxury Manhattan properties.
  • Rising Inventory: As the high season unfolds, we observed a 23% rise in inventory last week. Comparatively, this April saw a 7.5% increase over the last, indicating a well-supplied market poised for potential growth.
  • Market Dominance: Condominiums continue to lead with a 74% share of the market, with Downtown Manhattan standing out by accounting for 56% of the transactions.
  • Sector Highlights: The new development sector and properties priced over $10 million remain robust, holding 41% and 27% of the market, respectively.
  • Positive Economic Signals: Recent employment data brings a hopeful outlook, suggesting possible rate reductions in the near future, which could invigorate further market activity.

 

Top 2 Transactions of the Week- See all 27 contracts

#1 - The Highline - a new development condo at 500 W 18 #25D asking $13,770,000- 4 bedrooms- 4.5 baths - 3,881 sq ft - $3,548 psf

#2 - 555 W 22 #16AW – a new development condo- asking $11,250,000 - 3,004 sq ft - $3,745 psf.

Advice for Sellers & Buyers

For Sellers:

Market Adjustment Needed: If your property is renovated yet remains unsold, it’s time to revisit your pricing strategy and marketing approach.

For Buyers:

Exploring Value: The co-op market presents significant savings and is an excellent choice for those seeking value.

 

Luxury Lifestyle News

"Optimize by Equinox" offers a $40,000/year program aimed at enhancing your health and longevity through a personalized regimen, which I highly recommend based on personal experience.

 

Stay Connected

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Work With Carol

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.