The Manhattan luxury housing market had a rebound in early March, with increased numbers of transactions for properties at USD 10m and over. There have been strong signs over the last few months that NYC’s luxury market had lost steam. However, recent activity has suggested that buyers are ready to step in to the market if they feel there is ‘good’ deal. In a number of the top luxury projects, luxury units have been snapped up with significant discounts of anywhere from 5 to 20%+. Part of this can be attributed to sellers perhaps being more realistic in their expectations coupled with an over-supply in the luxury condo market. Examples include the sale of a luxury 4,483 sqft condo at One57 which sold for USD 24.95m versus its asking price back in 2015 of USD 35m.
The Manhattan market continues to be of interest to international buyers, and there are some very interesting opportunities. If any of our clients are interested to know more, please do not hesitate to reach out to us.