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Manhattan Luxury Real Estate Q3 Report

The Q3 Manhattan Real Estate Report

The third quarter Manhattan market report just came out. Already there is lot of noise in the media about how badly the luxury market is performing. These dramatic numbers are somewhat artificial and here’s why!

The 2nd quarter saw a huge increase in the number of sales. This was due to buyers rushing to close in order to avoid the rise in the mansion tax. Therefore, the second quarter stole many sales from the 3rd quarter. What else is driving the market? Raised transfer taxes, the $10,000 cap on deductions, recession jitters and talk of a re-introducing the pied-a-terre tax. These are the ingredients for buyers to hit the pause button.

Buyers Are Playing Wait and See

Some buyers are waiting to see if prices drop further. They fear missing out on a possible bargain. Look, luxury prices have reset. It is better to buy now when you have a choice of the best properties out there. On a high note, the number of signed contracts has really picked up. Signed contracts are the real time indicator on the state of the market not closed sales.

Data Insights from the Manhattan Luxury Real Estate Market

Starter Luxury

                                                 September                                                                August

Prices $1M – $2M 186 Sold 180 Sold
Condos & Co-ops Average Price $1.54M/$1,296 Avg PSF Avg Price $1.53M / $1,430 Average PSF
  Average Size 1,151  sq. ft. Average Size 1,100 sq. ft.  
  avg. days on market – 51 Avg  discount  4.2% Avg days on market 86 -Avg discount 4.1%

 

Mid Range Luxury

                                               September                                                              August

Prices $2M – $5M  97 Sold 102 Sold
Condos & Co-ops Avg price $2.94M / $1,551 Avg PSF Avg price $2.70M/ $1,975 PSF
  Avg Size 1,752 Avg size 1,421
  Avg days on market- 56 – avg discount 5.2% Avg days on market 88 – Avg discount 6%

 

Ultra Luxury

                                                September                                                               August

$5M – $10M 30 Sold 39 Sold
Condos & Co-ops Avg price $7.77M /$2,794 Avg  PSF Avg price $6.35M / $2,353  Avg PSF
  Avg Size 2,415 Sq. Ft. Avg size 2,942 sq. ft.
  Avg. Days On Market -80 – avg discount 8.8% Avg days on market 159 – Avg discount 8%

 

Mega Luxury

                                                     September                                                        August

$10M & Over   8 Sold   10 Sold  
Condos & Co-ops Avg  price – $24.8M /$4,629 avg psf Avg price $17M / Avg psf $2,950
  Avg size 5,395 Sq. Ft. Avg size 7,357 sq. ft.
  Avg Days On Market – unknow / discount unknown( new development Avg days on market 125 –

avg discount- unknown


Townhouse Luxury

                                                                            September                                       August

Single Family Townhouses 11 Sold 9 Sold
  Avg price $7.41M Avg price $15.29M
  Avg size 5,742 Avg size 8,602 sq. ft
  Avg days on market 140 Avg days on market 129

As always, if you have any questions about buying or selling real estate, contact me any time!