The Pulse - Manhattan Luxury Market 7/3/24

Manhattan's $4M+ Market Defies Seasonal Trends with a 7% Surge in Contracts! Welcome to this edition of The Pulse. Here's what you need to know!

Key Highlights:

31 Contracts Signed: Last week, 31 contracts were signed, up 7% from the prior week and one more than last June.

New Listings Down: New listings dropped 7% last week and are down 4% from last June, making the 2024 spring season lighter in listings than last spring.

Market Insights:

Property Types and Shares:

• Condos Leading the Market: Condos dominated with a 61% market share, followed by co-ops at 29%.
• Neighborhood Highlights: Downtown led the neighborhoods with a 48% share, followed by the Upper East Side at 29%.

Discounts and Pricing:

• Price Adjustments: Nine contracts saw discounts from the original to the last asking price, with a median discount of 5%.
• High-End Contracts: 16% of the contracts were for properties priced at $10M and over, with new developments capturing a 13% market share.

Economic and Geopolitical News:

The outcome of the first presidential debate has financial markets speculating on the impact of a possible Trump win. Markets anticipate higher inflation and a steeper yield curve due to his stance on migration and tax policies related to China. However, it's too early to predict election results or the Federal Reserve's response compared to financial markets.

Luxury Lifestyle News:

Planning a stay in a luxury hotel for your vacation? Room prices have surged dramatically. Check out this Bloomberg article for some great solutions.

Advice for Sellers and Buyers:

Sellers:

The market rewarded you with increased activity last week. Expect a potential drop in signed contract activity during July and August. Use this period to refine your 4 P's: price, position, presentation, and product (building & location). Enhance your sale chances with precise pricing, property repairs, staging, new listing photos, creative videos, and an aggressive marketing strategy.

Buyers:

Your opportunity is now. In these slower months, sellers with listings on the market for over 100 days might be more open to negotiation. Securing a good deal now might outweigh the benefits of waiting for lower rates.

Top 2 Contracts: See all 31 Contracts

#1-15 E 93rd Street - Townhouse asking $12.95M: 6 bedrooms, 5 baths, 7,220 sq. ft., $1792 psf, renovated, 87 days on the market.

#2-1001 Park Avenue, Floor 8 - Co-op asking $11.995M: 5 bedrooms, 6 baths, 12 rooms.

Wrap Up

Thank you for your loyal following. Share The Pulse with others and subscribe to my YouTube Channel for advice videos and luxury property tours. What are your predictions for the Manhattan luxury market in the next quarter? Share your thoughts!

If you have any questions or need personalized advice, feel free to reach out to me directly. Until next week, may your real estate dreams and goals become a reality.