Alexis Christophorous Interviews Jonathan Miller on Manhattan’s Luxury Market & Foreign Buyers
Last week major real estate firms in Manhattan issued their Q1 2016 Manhattan Market Reports. According to the reports, the average Manhattan home now costs $2 million. The reports also reveal some interesting insights into foreign buyer trends and the larger real estate market.
When speaking to clients in the last few months, these questions have come up repeatedly in recent conversations:
- How is the rising dollar affecting Manhattan real estate with respect to foreign buyers?
- Is the slow down at the top of the market ($5 million and above) trickling down into the sub $3 million market?
- What’s happening to New York’s re-sale market?
Watch this video. It’s an extremely informative 5-minute crash course on the current state of the Manhattan and Miami real estate markets.
Alexis Christophorous of Yahoo Finance does a fantastic job of interviewing Jonathan Miller, CEO and President of Miller Samuels Appraisers – Miller Samuels puts together comprehensive quarterly Manhattan Market reports.
While the media loves to discuss “Billionaire’s Row” and the foreign buyers attracted to New York luxury real estate, Jonathan reminds Alexis (and us) that foreign buyers represent only a small subset of the Manhattan market. While also garnering substantial press, the ultra-luxury market ($5 million+) only represents approximately 2% of all Manhattan sales. In the re-sale market, studios and 1-bedrooms accounted for over 56 percent of all sales Q1-2016 and multiple bids continue with upward price pressure especially in the under $2 million micro-market.
Bottom Line: “Don’t interpret the slowdown in Manhattan real estate’s upper crust as a sign of an impending real estate market collapse, warns data guru Jonathan Miller…” – Via Yahoo Finance