Manhattan Luxury Contracts Surge 44% - 7-30 The Pulse

WATCH: This Week's Pulse Manhattan Luxury Report

Title: Manhattan Luxury Real Estate Market Soars to New Heights - July 30th - 2023 - Pulse Newsletter

Welcome to this week's edition of the Pulse, where we bring you the latest insights and updates from the Manhattan luxury real estate market. This newsletter is specifically tailored to appeal to our esteemed Linkedin followers, including reporters in the media and discerning buyers and sellers interested in Manhattan luxury real estate. We're excited to share with you the remarkable surge in the market, the economic indicators supporting its growth, and the top contracts from last week that exemplify the city's opulent living.

July Contracts Reach New Heights

July has been nothing short of extraordinary for the luxury Manhattan real estate market. A total of 95 contracts were signed this July, marking an impressive 11% increase compared to the same month last year, where only 86 contracts were recorded. This robust performance showcases the resilience and appeal of the luxury market, even during a historically slow month like July.

Confident Buyers and All-Cash Transactions

One driving force behind this market momentum is the unwavering confidence of luxury buyers. Many of these buyers possess significant financial power, leading to a noteworthy trend - 65% of properties priced at $5M and above in Manhattan were all-cash transactions during the second quarter. This financial strength fuels the luxury market and is further complemented by developers and resale properties offering enticing discounts tailored to the current market.

Economic Optimism Lends Support

The positive trajectory of the luxury real estate market aligns harmoniously with favorable macroeconomic indicators. The DOW's historic winning streak has instilled optimism among both buyers and sellers, reflecting the overall positive sentiment towards the economy. Moreover, inflation has significantly cooled since last summer, creating a stable economic environment that augurs well for the Manhattan luxury real estate sector.

Property Types and Neighborhoods: Insights

Condos continue to hold their dominance in the luxury market, claiming an impressive 54% market share with 14 contracts signed. Co-ops secured 7 contracts, comprising 27% of the market, while townhouses claimed 5 contracts, holding a 19% market share. As for neighborhoods, the Upper East Side emerges from its summer lull, securing the #1 spot with 8 contracts and a substantial 31% market share. The Upper West Side and downtown tie for second place with 7 contracts and a 26% share each, while Midtown comes in last with 4 contracts and a 15% market share.

Market Pulse & Inventory Levels

This week's market pulse is at .38, indicating a slight 2.6% decrease from .39 last week. Despite 31 new listings entering the market, the net inventory was down by 36 properties after accounting for the signed contracts and new off-market properties. This trend is likely to continue until the fall listing season, making it an opportune time for both buyers and sellers to make informed decisions.

Top Contracts from Last Week

Now, let's take a closer look at the top contracts from last week, exemplifying the grandeur of Manhattan luxury real estate.

#1 - 129 E 73, Upper East Side

A stunning townhouse on the Upper East Side, asking $27.5M or $2,291 psf. This Neo-Italian Renaissance-style limestone and marble townhouse, built in 1907 and renovated in 2005, features 7 bedrooms, 7.5 baths, and a generous 12,000 square feet. Impressive enough, this property was in contract after only 82 days on the market, emphasizing its exceptional appeal.

#2 - 58 Bank Street, West Village

A captivating turnkey West Village townhouse asking $25M or $3,745 psf. This single-family Greek Revival-style townhouse underwent an extensive multi-year renovation, showcasing 4 bedrooms, 5.5 baths, and an elegant 6,675 square feet. Complete with an elevator and a pool, this property epitomizes the epitome of luxury living in the heart of Manhattan.

Seller's Bonus Week and Buyer's Insights

As we enter August, historically one of the slowest months of the year, sellers are encouraged to reassess their pricing, marketing strategies, and property presentation. For buyers, it's an ideal time to keep an eye on interesting properties that have been on the market for 100 days or more, as this might present an opportunity for price drops and enhanced negotiation.

Expert Advice Tailored to Your Needs

Remember, the Pulse provides an overview of the macro Manhattan luxury market. For making the best decisions regarding pricing your luxury home or making a purchase, it's essential to consider your property type, neighborhood, and the unique micro-market of your own building. For tailored reports and expert advice, please reach out to us directly.

Thank you for your continued readership! Stay tuned for next week's Pulse. Our new advice video on "The Power of Pricing Right" will be coming your way later this week. For more of our advice videos, visit our luxury website, CarolStaab.Com.

Conclusion

In conclusion, the luxury Manhattan real estate market is experiencing a surge, with July setting new records for contracts. The unwavering confidence of buyers and favorable economic indicators contribute to this momentum. Condos remain in high demand, while the Upper East Side takes the lead in attracting buyers. As the fall season approaches, buyers and sellers should be attentive to the evolving market conditions. We hope you find this newsletter insightful and encourage you to connect with us for personalized advice and reports. Stay tuned for our upcoming video on "The Power of Pricing Right" and explore more expert advice on CarolStaab.Com. Thank you for being a part of the Pulse community, and we look forward to sharing more exciting updates in the future.

Carol Staab

To reach me privately with any of your questions - [email protected]

My Website - CarolStaab.Com