Manhattan’s 2021 luxury segment could well surpass 2014’s benchmark year of $11.2B in terms of profits.
Manhattan’s Luxury Buyers On Track to Surpass Record Spending in 2021
Manhattan’s luxury buyers are buying up a storm this year. Collectively, these luxury buyers are on track to spend more than $11.2B in 2021, more than their record benchmark spending in 2014.
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What Does “Luxury” Mean in Manhattan?
Homes priced at $4M or more are classified as luxury properties in Manhattan.
What’s Driving This Luxury Spending Spree?
According to Olshan Realty, luxury buyers in Manhattan want condominiums. This current demand for condominiums is in stark contrast to 2020 when the condo market in Manhattan completely collapsed due to the COVID pandemic. Similarly, Manhattan logged the worst-performing luxury market in a decade during 2020.
During the week ending September 18 there were 38 luxury transactions closed…31 of those lux deal were condominium deals. Additionally, contracts were signed on four townhouses and three co-ops, according to Olshan Realty’s weekly report.
Donna Olshan, owner of Olshan Realty, said that the week ending September 18 was the 27th week of this year that the market registered 30 or more luxury signed contracts. Olshan said, “What makes this stat even more compelling is that (these 31 signed luxury contracts) were reached on the week of Yom Kippur, the holiest of Jewish holidays.”
Current Collective Luxury Spending in 2021
The collective spending during the week ending September 18 totaled $341.5M. This $341.5M brought the total spending so far this year to $11.1B, just shy of the record $11.2B spent at the end of 2014.
The most expensive contract signed for a penthouse apartment had an asking price of $35.4M. The second-most expensive deal was for a quadruplex condo asking $31.4M.
With these kinds of prices and this kind of demand in Manhattan, it is more than likely that the 2021 collective spending total could well exceed 2014’s spending total of $11.2B.
Thanks to MansionGlobal.