Dear Carol,

I apologize for the delay in delivering last week's Pulse, as an unexpected trip to Chicago disrupted our my usual schedule. Additionally, due to technical difficulties with my camera integration, this edition will be without the usual video content. Thank you for your understanding and patience; please look forward to this week's Pulse which will be arriving a bit later in the week.Spoiler alert! There was a big improvement in contract numbers last week!

Last Week's Pulse

The Manhattan $4M & over luxury market has experienced a cool down these past 2 weeks, with contract signings remaining below the healthy 20 benchmark. However, this isn't a cause for concern because contract numbers tend to be much lower this time of year. What's more telling is November's contract numbers.

Last Week's Key Takeaways:

  • Market Share by Type: Condos continue to lead with 71% market share.

  • Geographic Shifts: The Eastside outperformed Downtown, claiming 36% market share, with Downtown and the Upper West Side each holding 29%.

  • Inventory Insights: While November's contract numbers dipped 23% below the 10-year average, inventory levels remained stable, mirroring last November's figures.The market will remain stable unless inventory suddenly increases, which is unlikely.

  • Market Pace: The $4M to $10M segment faces more challenges, contrasting with the $10M+ segment where approximately 75% of transactions are cash deals.

  • New Development Influence: Last week, new developments took a significant 50% of the market share, underscoring their growing influence in the luxury market.

Last Week's Top 2 Contracts View All 14 contracts

1:10 E 75 Townhouse: A luxurious 6-bedroom, 5.5-bath townhouse spanning 10,463 sq. ft. Initially listed at $33.5M, the last asking price before contract was $23.5M, reflecting strategic pricing adjustments.

2: 90 Morton Street - PH 8D: A unique 3-bedroom, 2.5-bath luxury condo in a historic 1911 printing factory in the West Village. Covering 2,376 sq. ft., the last asking price before contract was $10.45M.

Guidance for Sellers and Buyers

Sellers' Strategy: In this quieter season, aggressive marketing is crucial. Consider a strategic price adjustment to attract active buyers.

Buyers' Leverage: Now is the time to act if you find a property at fair market value. The current market offers a unique position of leverage.

Schedule a Consultation To delve deeper into what these market trends mean for you, schedule a consultation with me. Let's discuss your real estate needs and how to navigate these market conditions.

Don't Miss My Latest Video:

"New York Real Estate 2024 - Should You Buy, Should You Sell?" - Explore critical factors that could shape our market in the coming year.

As we conclude this week's Pulse, remember that understanding the nuances of the market's seasonal shifts is crucial. Whether you're planning to buy or sell, staying informed and proactive in your approach will help you navigate these cooler market conditions effectively. Stay tuned for more updates and insights in next week's Pulse, as we continue to monitor the pulse of Manhattan's luxury real estate market together.

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Warmest regards,

Carol Staab

Carol Staab

Douglas Elliman- Associate Broker

Website: CarolStaab.Com

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