Despite some market volatility, the Manhattan luxury real estate market, particularly for properties priced $4M and over, concluded October on an encouraging note. This week's insights are invaluable for both prospective buyers and potential sellers in the Manhattan luxury condo, co-op, and townhouse market.
This Week's 3 Key Takeaways:
1. A Tale Of Equilibrium: Manhattan Condos and Co-Ops Share the Spotlight. In a rare balance, Manhattan condos and co-ops each secured a 20% market share, a remarkable occurrence in the luxury real estate trends of Manhattan.
2. A Rarity in the Limelight: Manhattan Townhouses Steal the Show
Manhattan townhouses made headlines by capturing an astonishing 60% of the luxury real estate market. Given that they make up a mere 2% of property types in Manhattan, this is a standout event.
3. The Weekly Dip: No Cause for Alarm in Manhattan's Luxury Market
Contract numbers fell by 47% last week in Manhattan's luxury market, but we ended the month up 8.5% YoY.
Top 2 Contracts of the Week
#1-115 Central Park West PH18EF
· Asking Price: $19.95M
· Details: 5 bedrooms, 6 baths, renovated, Central Park views
#2- 285 Lafayette Street #7AB
· Asking Price: $16.995M
· Details: 5,350 sq. ft., $3,176 psf
New listing inventory has risen in Manhattan's luxury market, yet the increase of 5.4% YoY is not significant enough to impact prices or contract pace.
Expert Advice for Sellers
Is your Manhattan luxury property not gaining traction? Reassess your 4 P's: Price, Positioning, Presentation, and Plan. If you don't get a contract signed by Thanksgiving, consider taking your listing off the market until mid January to prevent accumulating days on the market in the slow holiday season. Reach out with any of your questions and for advice. Connect with me here.
Insider Tips for Buyers
As Manhattan's luxury real estate listing season winds down, now is an opportune time for you to get discounts on properties that are on the market for 100 days or more as well as on unrenovated properties. The number of fresh new listings coming on the market won’t increase significantly until mid-January? Need a strategy, have any questions, connect with me here.
Despite fluctuations, the broader outlook for Manhattan's luxury real estate market this October remains promising. Both buyers and sellers who are well-informed can capitalize on current market conditions.
If you find The Pulse invaluable, I kindly encourage you to share it with colleagues, friends, or family who may also be interested in Manhattan luxury real estate market trends. Until next week!
Douglas Elliman- Associate Broker
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