Welcome to this week's Pulse newsletter accompanied by my One Minute Pulse video.In . While last week saw a 46% drop in luxury contracts, let's not lose sight of the bigger picture: Contracts are up 63% compared to October of last year. What does this mean for you, whether you're a buyer or a seller? Here are key takeaways that could shape your next big decision.
Three Key Takeaways You Can't Afford to Miss
#1 The $10M+ Sector - last week's star : This market segment snagged an astonishing 33% of the overall market share last week, almost exclusively comprising of all-cash transactions. What stands out is that these properties are not just in prime buildings but are also in impeccable condition.
#2 A Tug-of-War Between the Upper East Side and Downtown: In a surprising twist, the iconic Upper East Side matched pace with Downtown, which is often the undisputed leader. This surge was primarily due to the significant contracts in the coveted Park-to-Fifth Avenue Gold Coast area.
#3 Balanced Outlook: Yes, luxury contracts did dip by 46% over the past week, but let's not forget that we are still performing robustly with a 63% YoY increase. Further sweetening the deal is the 13% decline in new inventory compared to last October.
Spotlight on 2 Top Contracts - ALL 15 CONTRACTS Photos & Details
#1-One Highline #28AB at 500 W 18th Street: This crown jewel in a stellar new development was asking for $22.12M. With 6 bedrooms, 6.5 baths, and an expansive 5,335 sq. ft. area, it sold at a breathtaking $4,130 per square foot.
#2- 137 Duane Street Penthouse: A resale condo listed at $18M, featuring 5 bedrooms, 5 baths, and a sprawling 4,548 sq. ft., closing at $3,957 per square foot.
My customized charts are laden with crucial data points that every serious player in the real estate market should consider. And if you're wondering why your Manhattan home isn't flying off the shelf, my exclusive video on the "Top 3 Reasons Your Manhattan Home Isn't Selling" is a must-watch.
Actionable Advice for Sellers & Buyers
The landscape is favoring you slightly with contracts up 63% YoY and new listings down 13%. However, to capitalize on this market, precise pricing, top-notch property presentation, and an aggressive, creative marketing strategy are non-negotiable. If you're contemplating listing in the New Year, the time to consult with an experienced, highly-skilled broker is now. Additionally, as we approach the holiday season, remember that timing is everything. According to Manhattan luxury real estate trends, the best time to sell is just before the market slows down for the holidays. Use this time wisely to position your property for success.
For Buyers: This is a goldmine of opportunities, particularly with condo buildings aged 10 years or older, which offer tremendous value compared to new developments. Co-ops present another excellent avenue for value, especially those in need of renovation.
"In Conclusion: This week's Pulse delivers key macro-level data and insights of Manhattan luxury real estate trends to keep your finger on the Pulse of the market. If you're considering a sale or purchase and have questions, targeted expert advice can be invaluable for achieving your goals. For an in-depth exploration of the market's intricacies, you're welcome to contact me for a personalized consultation or tailored reports. Email me here link . Until next week!"
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Douglas Elliman- Associate Broker
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