Brazilian Sugar Mogul's Miami Beach Condo and Waterfront Home on Venetian Islands Top Miami-Dade County's Luxury Real Estate Market
Manhattan's luxury market takes another hit as contracts for homes asking $4 million or more decline, leaving real estate moguls and politicians pointing fingers at each other.
The blame game is heating up in Manhattan's luxury real estate market as contracts for homes asking $4 million or more continue to decline, according to a report from Olshan Realty.
Real estate moguls and politicians are pointing fingers at each other as the borough logged another weekly decline in contracts signed for luxury properties. Only 11 homes entered contract between Sept. 8 and Sept. 14, down from 15 in the previous period, following the usual dip in deals around the Labor Day holiday.
The numbers tell a grim story for the high-end market, with only 64 homes entering contract in the last four weeks, compared to 87 in the same period in 2024. The pending deal values also amounted to just half of the sales volume recorded last year.
Developers and city officials are struggling to find a solution to the slump, with some blaming the stagnation on the current state of the economy while others point fingers at political policies and decisions.
"The market is just not there right now," said one anonymous developer. "Buyers are hesitant to make a big investment in this uncertain climate."
Meanwhile, politicians are quick to point out the effects of their policies on the market, with one city official stating, "We need to prioritize affordable housing and address the imbalance in the market. Only then can we see a true recovery."
As the market continues to struggle, both sides are scrambling to find a solution and avoid any further decline in the luxury real estate industry.