Manhattan's Luxury Market Takes a Giant Leap! With a staggering 70% surge in contracts, this week in the Manhattan luxury market has been nothing short of a revelation. What's propelling this remarkable momentum?
Welcome to this week's Pulse.
This Week's 3 Key Takeaways:
#1- The 70% Surge- A monumental rise in contracts showcases a 70% increase from the previous week.
#2 - New Development's Continued Strength- 47% of the market was captivated by new developments, indicating a clear trend towards newly constructed properties.
#3- New Listings in Steep Decline: A 53% decline in new listings hints at the culmination of this year's listing season.
Top 2 Contracts of the Week:
View all 17 Contracts Details & Photos
#1 - 944 Fifth Avenue:
- Asking Price: $17.75M
- Details: Iconic Central Park views, 5 bedrooms, 5.5 baths, achieved in just 98 days.
#2 - 108 Leonard St #14D:
- Asking Price: $12.965M
- Details: A vast 4,150 sq. ft. space priced at $3,124 psf, offering 3 bedrooms and 3.5 baths.
Expert Advice for Sellers:
Ensure your property stands out. Revisit the 4 P's: Price, Positioning, Presentation, and Plan. No movement by Thanksgiving? Consider adjusting your approach. Any questions or in need of deeper insights?
Connect directly with me. Connect directly with me.
Insider Tips for Buyers:
The tail end of the listing season beckons, making now a prime time to act. Properties lingering for 100 days or more could be up for negotiation. Eager for new listings? Patience, they're likely to re-emerge in mid-January. Queries or need guidance? I'm here to assist.
🎥 Featured Advice Video: Beyond the listings and contracts, there's an art and science to real estate. For instance, do you know how to determine the value of outdoor spaces in Manhattan? Watch my latest video for insights that can shape your selling decisions. And for more tips, expertise, and understanding, explore my collection of advice videos on my website or on my YouTube channel.
The Pulse provides a nuanced look into Manhattan's luxury market. With such significant shifts this week, it's pivotal for buyers and sellers to be informed and poised for action.
If The Pulse proves invaluable in your luxury real estate journey, I'd be honored if you'd share it with like-minded colleagues, friends, or family. Until our next update!
Douglas Elliman- Associate Broker
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