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.

• Engage for Advice: Let’s discuss how we can enhance your property's appeal to meet buyer expectations effectively. Email me here

For Buyers:

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

• Discover Opportunities: Explore the potential of co-ops in today’s competitive environment. Email me here.

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.

• Learn More: Read the CNBC article about this innovative program

Stay Connected

Keep up with the latest trends, market shifts, and lifestyle advancements that can elevate your real estate decisions and overall quality of life.

Get Involved: Have questions or need specific advice? Reach out today and make sure to subscribe to stay updated with the latest insights.

Email me here.