May 2019 – Spring Strong
The US economy has been performing well with strong labor market numbers, increasing wages, and a staggering 3.2% GDP increase in the first quarter. Interest rates are also down and remain low, while consumer confidence is high.
Overall, the Manhattan market continues to perform along an upward trajectory. There were over 1,000 contracts signed in April, a 12% increase year over year. The number of signed contracts in the luxury sector (over $4M) also continues to break 20 per week. Both positive indicators of a strengthening market.
April 2019 – Optimism Returns to the NYC Luxury Market
In late January, it was announced that a $238 million penthouse was purchased in Midtown, Manhattan. The 24,000 square feet quadplex is the crown jewel of the highly-coveted new development project, 220 Central Park South. It is also the highest recorded home price in U.S. history, crushing the previous record by over $100 million. The purchaser was billionaire hedge funder, Ken Griffin, who is no stranger to ultra-luxury real estate. The headline was a welcomed change from the dreary real estate headlines of 2018. Following the news, another significant headline surfaced, which stated that 26 new contracts, valued at about $245 million, were signed in the Manhattan luxury market. This marked the first week in 2019 to break 20 contracts and sparked the question: Is luxury real estate making a come back? Continue reading…
October 2018 – Selling In a Buyer’s Market
Increasing inventory, longer time on the market, and sliding home prices: Not exactly the news headlines that sellers want to see. The good news is that your home doesn’t have to be one of these statistics. In fact, 9% of properties on the market are still entering bidding wars and about 50% of buyers are still paying cash. Point being, buyers are still transacting, just not with the same sense of urgency. Many are still unsure of the ramifications of the new tax code, which has changed the way they shop. Buyers are more selective about which properties they see. This has made finding buyers the most difficult part of the sales process.