Manhattan's Luxury Market Sees Slow Activity Post-Labor Day
Despite traditionally being a busy time for the luxury real estate market, Manhattan saw a lackluster week for high-end property deals, with only 15 homes above $4 million going into contract.
Manhattan's luxury real estate market typically sees a surge in activity post-Labor Day, but this year buyers seemed to still be on summer vacation, resulting in a slow week for high-end property deals. According to Olshan Realty's weekly report, only 15 homes asking $4 million or more were able to secure signed contracts between September 1st and September 7th.
The total number of deals was down from the previous week's 16 contracts and was also below the decade average of 17 pending sales during this time period. This lackluster week was a surprise for industry insiders, as the Manhattan luxury market has been showing signs of improvement in recent months.
The most expensive property to find a buyer last week was a condo at 111 West 57th Street, developed by JDS Development and Property Markets Group, which was listed for $22 million. This 4,200-square-foot apartment was initially priced at $30 million when it first hit the market in 2019.
Despite this slow week, there were still a few notable deals. The second most expensive property to go into contract was a townhouse at 23 East 94th Street, which was listed for $13.5 million. This 5,500-square-foot home features a garden, terrace, and elevator.
One real estate agent commented on the unexpected slowdown, saying, "I was surprised to see such a sleepy week, especially with the stock market hitting new highs." However, others believe that this could just be a temporary lull and that the market will pick up again soon.
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