The Pulse - Manhattan Luxury Market 6/18/24

Luxury Manhattan $4M & Over Contracts Soared by 30% Last Week!

Welcome to another edition of The Pulse, your trusted source for the latest insights in Manhattan's luxury real estate market for properties priced at $4 million and above. As always, I appreciate your loyalty and engagement with these updates. Let’s dive into the latest market news.

Market Highlights

• Contract Surge: Last week saw a remarkable 30% increase in signed contracts, totaling 35. This is a substantial 75% higher than the 20-contract benchmark for a healthy market. However, it’s worth noting that June contracts are down 11.6% compared to the same period last year.
• New Listings: The market welcomed 64 new listings, a 56% rise from the previous week. This influx is timely as the active listing season wraps up this month until September. Despite this, new inventory is still 13% lower than the same period last year.
• Market Pulse: The $5M - $10M range holds steady in neutral territory with a market pulse of -0.05. Meanwhile, the $10M and above market shows a slight seller's advantage with a pulse of 2.0.
• Condo Dominance: Condos continued to dominate, securing a 71% market share last week.
• Neighborhood Leaders: Downtown led with a 37% market share, followed closely by the East Side at 31%.
• New Developments: New development had a robust week, claiming a 34% share of the market.
• High-End Strength: The $10M and above segment is the strongest, with 9 contracts representing 26% of the market.

Macro Market News:

A significant rally in the 10-year US Treasury note could breathe new life into the US housing market, according to a recent Bloomberg article

Top Contracts of the Week: View all 35 Contracts

#1- Armani Residences at 760 Madison Avenue #8:

• Asking Price: $23.5M
• Size: 4,530 sq. ft.
• Price per Sq. Ft: $5,187
• Days on Market: 254
• Features: 5 bedrooms, 5.5 baths

#2- 520 Park Avenue (New Development Resale):

• Asking Price: $18M
• Size: 4,613 sq. ft.
• Price per Sq. Ft: $3,902
• Days on Market: 2
• Features: 4 bedrooms, 4.5 baths

Advice for Sellers and Buyers:

Sellers: If your property needs a renovation and is lingering on the market, pricing it attractively and staging it beautifully is essential. I’ve successfully showcased such transformations both in photos and in property videos.

Buyers: Your moment is approaching. When considering a purchase, prioritize these three factors after price: space, views, and location. These elements are paramount. Don’t get distracted by the current design, color palette, or amenity spaces.

Luxury Lifestyle News: 

New Yorkers are increasingly armoring and bulletproofing their luxury cars for trips to the Hamptons due to rising concerns about carjackings and violent crime (NY Post article).

Thank you for staying informed with The Pulse. I’m here to assist you with all your luxury real estate needs. Feel free to ( Email me here) or call me with any questions or for personalized advice. Please send me your questions and feedback. Be sure to share the Pulse. Until next week, may all your real estate dreams and goals become a reality.