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

Manhattan’s 2016 Narrative – 5 Main Themes to Know

Manhattan’s 2016 Narrative – 5 Main Themes to Know 2016, the year of normalization… After five straight years of progressive reflation in Manhattan residential real estate (2010-2015), buyers finally saw the leverage pendulum swing their way. Of course, just how much leverage a buyer gained still heavily depends on the price point. What’s happening at the high end is drastically different than what’s happening at the lower end. Lets discuss before the firms Q4 market reports are released. Here are the 5 themes you need to know about Manhattan’s 2016: Read more...
Read more

Legal Line Question of the Week: Transfer Taxes and Grossed up Consideration

Image
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium  unit. In speaking with the sales office for the sponsor, I was informed that  my purchaser is responsible for paying both the New York City and  New York State transfer taxes.  I thought that the obligation to pay transfer  taxes was the  r esponsibility of the seller.  Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York  City, the seller is responsible for paying both the New York State and  New York City transfer taxes.  In residential real estate transactions  where the purchase price is greater than $500,000, the New York City  transfer tax equals 1.425% of the purchase price (and where the purchase  price is $500,000 or below, the New York City transfer tax is 1% of the  purchase price).  The New York State transfer tax is .4% of the purchase  price. New Yo
Read more