It's been a crazy few years in New York City's real estate industry. The pandemic set the market on a rollercoaster of whiplash changes. From the initial drop as people left the city for rural and suburban towns to the wild spike as nesting instincts kicked in and everyone wanted a cozy place to quarantine.
Now, with the worst of pandemic lockdowns over and rising interest rates slowing demand, the city's real estate market seems to be cooling…for most buyers. It's not cooling for the superrich and famous. Experts agree that exquisite properties listed at the highest price points are still finding buyers, presumably because many of these buyers can pay cash and thus are unaffected by the rising interest rates.
High-End Properties in High Demand
For the Hollywood elite, a New York City residence is both a practical item for their investment portfolio and bragging rights with a view. From three-story penthouses listed at $35 million and up to more modest two-bedroom pieds-a-terre with full amenities in The Residences at the Ritz Carlton selling for $7 million, entertainment industry executives are finding places to buy throughout midtown, downtown, Brooklyn, and outer Queens.
More than 800 homes priced at $5 million or more have sold in Manhattan this year, and a third more homes priced at over $10 million have sold this year than last year or before the pandemic.
But, even with demand soaring, cash buyers are still picky and negotiating where they can or waiting for the right place to come along. The entire industry is watching and waiting to see what will happen with Ryan Serhant's $250 million 17,545 square foot triplex penthouse atop Central Park Tower. At 1,416 feet above the city, it's the highest residence in the world – and it's one that only a handful of buyers can even consider.
It remains to be seen if the market will keep up the current pace, slow down, or heat up even hotter. After the unpredictability set in motion by the pandemic, what will happen next is anyone's guess.
Seek Help From an Experienced New York City Real Estate Attorney
If you're in the market for a New York City-area home – luxury or not – you need someone who understands the industry and the law advising you on what could be the biggest purchase of your life. Attorney Melvin Monachan can answer your questions and help you decide what to do. Call 347-389-1682 today or contact him online.