Category: Abu Dhabi

In working with several clients of mine, I’ve become intimately familiar with the $10M plus market place in Manhattan. I predict the $10M plus market place will offer buyers great opportunities through 2019.

Why? In 2012 developers started building luxury buildings; the high cost of land and development somewhat forced developers’ hand into the luxe market to make numbers work. An unprecedented re-sale at 15 Central Park West topped $80 million started the ultra-luxury race at One57 and in Manhattan everyone chased the money. The market took off and developers followed and the funnel of buyers seemed unending.

20/20 hindsight shows us that the top of the market was early 2016. Cracks started though in 2014 when oil prices dropped, the US dollar strengthened, Manhattan’s prices shot through the roof and BRIC (Brazil, Russia, India and China) growth faltered. Looking for better returns global buyers turned to other markets including San Francisco and the Los Angeles area. This market continues to adjust here.

Today (Jan 28, 2019) in Manhattan there are 600+/- active homes priced above $10 Million:
8% of all active listings on the market. As a comparison in 2014, $10M+ sales represented only 1-2% of Manhattan properties. We have a high-inventory issue.

Newly signed $10 Million+ contracts currently average approximately 19 per month, meaning there’s a 30-month supply of $10 million+ homes in Manhattan. Uber-luxe homes which sold in Jan 2019, were discounted from 7-30% off their last asks.

As a smart investor or buyers now is an opportune time to make your move on Manhattan. Secure a stunning property at a fantastic price. Interested? Click here to connect with me. Let’s talk

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Much has been written about Chinese and Russians dropping $30+ million on Manhattan luxury condominiums since 2012. As a result, even sellers of condos priced between $1-4 million ask: “Where are the foreign buyers for my home? What will you do to attract them?”

While huge amounts of foreign currency is being spent on US real estate, not every property type is benefiting from it or is appealing to an international buyer. Generally, foreign buyers who Read more…

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Abu Dhabi is creating a real estate, tourist and cultural footprint the size of Manhattan on Saadiyat Island. While some of Europe and the Western world are still in a balancing act between retraction and growth, Abu Dhabi is expanding. As the nation approaches its 50th anniversary since it began shipping oil in 1962, the Emirate State is forging ahead with development on Saadiyat Island.

To develop the island, about the size of Manhattan below 72nd Street, the Emirate’s developers have hired such architectural luminaries as Lord Norman Foster, Jean Nouvel, Zaha Hadid, Frank Gehry and golf course designers Gary Player and Robert Trent Jones, Jr to create a culturally rich new art, commerce and tourist destination in the Gulf. I found the video documentary below interesting and worth sharing.

Master planners and designers brought together to build what will be a city in its own right…on the shores of the Persian Gulf. West meets East. Abu Dhabi’s intentions seem different than its more oppulent neighbor Dubai. Will the results be? Only time will tell. One thing is for sure…vision creates change.

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