Pulse
Market Momentum Ignites: Manhattan’s luxury real estate market is off to an explosive start this fall, with $4M+ residential contracts surging 85% last week, breaking the record for the same week in September since before 2006. This robust activity sets a dynamic tone for the season ahead.
Welcome to this week’s edition of the Pulse! Here’s a deep dive into the latest market trends and insights.
#1- 45 E 74th St: This townhouse, listed at $23.8M, features 6 bedrooms, 6.5 baths, and 9,000 sq ft. It exemplifies the high-end market's demand for luxury and space.
#2- 111 W 57th St, #27: This Steinway supertall condo is listed at $13M, offering 3 bedrooms, 3.5 baths, and 4,492 sq ft, with a price of $2,894 per sq ft. It has been on the market for 51 days.
A recent case underscores the importance of aligning pricing with market realities. A unit at 50 UN Plaza was purchased for $6.2M in 2017. Despite my advice to list the property at $4,999,000 to reflect market conditions, the seller insisted on a higher listing price of $5,650,000.
In 2021, an all-cash offer of $4.7M was received, accurately reflecting the strong market value at that time. The seller, however, declined this offer. The property has since been listed with two additional brokers and is now on its third broker, with the price reduced to $4,575,000—three years later. This prolonged time on the market and the need to reduce the asking price below the initial offer highlight the financial impact of overpricing.
For Sellers: With new listing inventory down 15% and demand up 9% from the same time last year, you have more leverage now compared to the late spring and summer. However, prices have remained steady and are not rising. Ensure your property is priced accurately, presented well, and backed by a comprehensive marketing strategy for a successful sale.
For Buyers: Fresh inventory is hitting the market, and with mortgage rates down, expect increased competition this fall. Navigate the market effectively by acting quickly on well-priced properties and making strong, competitive offers. Don't navigate this complex market alone—reach out to me for guidance on navigating the increased competition and making informed decisions.
As we move through the fall season, the market continues to show strong activity. Remember, one week’s data doesn’t establish a trend, so stay informed and proactive. Sellers, while you have leverage, precise pricing and presentation remain crucial. Buyers, expect increased competition but also fresh opportunities. Please share the Pulse with others. If you would like some additional real estate tips watch my videos and subscribe to my You Tube channel.
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.