Manhattan Annual 2021 Market Review - December 24, 2021


2021 Year-End Report Manhattan Luxury Market Update


The Luxury Market was on fire in 2021! 

1,877 Contracts were signed at $4 million and above, totaling $15,912,375,308 which is a record-shattering number going back to the early 2000s. It is almost three times the number of transactions in 2020 and double the number in 2019. 

The totals for signed contracts and overall volume are about 30% higher than the highest years of 2013-2015. 

The biggest pandemic trend was to go for bigger places! Size was very important more than ever! In 2020-2021, the average size of Lux condo deals was larger than 2,900 square feet, which is about 5% larger than the previous 7 years. 

Size was very important in townhouses as well. There were 212 contracts signed in 2021. Way more than the record of 153 transactions in 2014. 

The $10M and higher lux property market had 400 contracts signed in 2021, which is extremely higher than the record 270 transactions in 2014. The majority of these properties had over 4,300 square feet. 

Negotiability changed significantly as the year went on, shrinking the difference between asking prices and closed prices. 


WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU! 

Fernando & Team

Fernando Branco, GRI, ABR, CNE
PRINCIPAL BROKER
Residential Real Estate
Commercial Sales & Leasing 
Graduate Realtor Institute (GRI) 
Accredited Buyer Representative (ABR) 
Certified Negotiator Expert (CNE)

162 Huntington St, Ste 1R, Brooklyn, NY 11231
c: (212) 321-0115
Working by referral. Let us help you find a home too!!

Comments

  1. Levi BrydeJanuary 2, 2022 at 1:47 AM

    Real estate agents use the best home value calculator to assess the worth of a piece of real estate property they are interested in buying or selling. It is simple to determine the true worth of a real estate property using this tool, which utilizes current data from a comparable location. The Best home value estimator.

    ReplyDelete
  2. Levi BrydeJanuary 8, 2022 at 1:18 AM

    If you're in the market for a new home in Oshawa, give them a call for the best information and support available anywhere. With the help of Mortgage Intelligence, you may get a low-cost mortgage that is within your grasp. The most fantastic mortgage agents in the company have years of experience, and we deal with a broad choice of lenders to ensure that you obtain the most fantastic interest rate feasible on your mortgage.

    ReplyDelete

Post a Comment

Popular posts from this blog

NYC Sales Market Strengthens in April!!

Image
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the  StreetEasy April 2019 Market Reports,  the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context:  The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway:  M
Read more

Legal Line Question: Ground Leases

February 18, 2016 Q:  I am a licensed real estate salesperson and I am representing a purchaser who is considering a co-op apartment in a building that has a Ground Lease. Can you please clarify exactly what a Ground Lease is? Also, are there any particular considerations that should be made before purchasing a co-op apartment in a building that has a Ground Lease? A:  If a co-op building has a Ground Lease (also known as a Land Lease) it means that the co-op corporation does not own the land under the building.  Rather, the co-op corporation leases the land from the owner of the land. About 100 buildings in Manhattan have Ground Leases, many of which are co-ops. Generally the terms of Ground Leases are quite long, varying from terms of 50 to 99 years. Several important considerations should be made before purchasing a co-op apartment in a building with a Ground Lease: Can the rent payable by the co-op corporation increase during the term of the Ground Lease?    If the re
Read more