Tag: Luxury

New York’s Fall Real Estate Luxury Market Starts Strong

New York’s Fall Real Estate Luxury Market Starts Strong Downtown Manhattan as seen from the Empire State Building - Photo by Tony Sargent (C) 2014

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The Manhattan real estate market is picking up again in the luxury sector. While there was a slight lull in the summer between mid-June and July by August properties that had been on the market for a month or two started going to contract.  While I was in in San Francisco in July at Inman Connect’s real estate conference speaking on a luxury panel, I heard that the mid-luxury levels in San Francisco and Los Angeles had also been slow for a month or more. Was the market turning?

Traditionally the Fall market in New York is our secondary market – Buyers who did not have a chance to secure a property in the robust spring market re-enter market again in the Fall after a summer off.

I believe the Fall market started early this year – in August. The intense seller’s market for the first six months of the year lead to a slower June and July because of buyer fatigue. Added to that, listing inventory while having climbed somewhat in the 2nd quarter of 2014 over the 1st quarter was still well below the 5-year averages making it more challenging for buyers to find the properties they hoped for – rather than continuing a seemingly futile effort they stopped. (Read Streeteasy’s July Condo Report here)

As a result, in my view the level of pent-up demand is still extremely high. The buyers who are willing to step up and make a quick decision and not sweat the small stuff with regards to negotiations will buy properties this fall. Those buyers who are choosy and question every aspect of the deal or contract will be a disadvantage in negotiations.

For the buyers who’ve decided to stay put in their current homes until ‘the right one’ shows up some will (like many before them) choose instead to stay put and to invest in a country or Hamptons home to provide the escape from Manhattan.

What I’m seeing in the first two weeks of September is that the mid to high-end luxury market is very strong and contracts are getting signed on new properties and those which had seen showings but no contracts. Listings that I have been following as well as new developments also reported signed contracts in the first 19 days of September. For me August was very busy with properties that went to contract including 30 Bond, Penthouse and 200 Eleventh Avenue after multiple bids.

In the luxury development market new properties have started to be announced for the fall market. The face of New York’s residential real estate is changing, as is the design and height limits. With super tall sky-scrapers coming to the city, it will be interesting to see what the future holds for the world’s global elite in terms of luxury offerings in the future. It’s an exciting period in residential design.

 

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Bond Street and the Allure of Noho’s Luxury Real Estate

Bond Street and the Allure of Noho’s Luxury Real Estate Noho Views | Photos by Tony Sargent (C) 2014

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One of the most exclusive streets in Noho, Bond Street is receiving a few new luxury neighbors. Currently under construction is Annabelle Selldorf’s 10 Bond Street, which is selling well and receiving praise for its design. Prices start at $4.55 Million (Exclusive is with Corcoran Sunshine). BuzzBuzzHome wrote that 31 Bond Street, a six story cast-iron beauty built in the 1880’s which sold in late 2013 in an off-market deal to Josh Gurwitz’s Good Properties, has just filed its plans for residential conversion; an additional story will be added to the building and it will of course house a trio of luxurious apartments and services to match.

Over the last 20 years Noho, (generally the area between Houston and 8th Street, Broadway and Third Avenue) has evolved into one of the most exclusive residential and bohemian-chic areas of Manhattan. Read more…

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Do you have $90M to Sleep Where Walt Disney Did?


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Stunning Carolwood Estate In Holmby Hills

Traveling between New York and Beverly Hills / West LA numerous times a year to meet and work with my bi-coastal clients, I spend time on each trip visiting the best luxury estates and properties available on the market. I’ve seen many luxe homes but this one certainly stands out as one of the most gracious and beautiful properties I’ve viewed in a long time. The Agency, a leading and forward-thinking real estate firm in Los Angeles luxury homes founded by Mauricio Umanksy and Billy Rose, has this beautiful listing in Holmby Hills. Watch the video and see what $90 Million buy you on the West Coast today… – Tony Sargent

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The Ten Most Expensive Manhattan Condominiums For Sale

The Ten Most Expensive Manhattan Condominiums For Sale View from 80 Columbus Circle (Time Warner Building) Apt 77B - Exclusive Courtesy of Brown Harris Stevens

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With 78 Active luxury condominium and Penthouse listings priced at or above $20 million in Manhattan as of March 18th, 2014 I wanted to explore and share New York’s Top 10 Active Sales by price. All of the top 10 are either on or near Central Park. The highest asking price is $100 million with lowest of the top 10 being priced at $60 million. As a reference point, in 2008 when the market crashed, $43 million was about the highest price being paid for New York’s top properties.  Today Read more…

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The High Line District – Manhattan’s Newest Luxury Enclave

The High Line District – Manhattan’s Newest Luxury Enclave Evening Falls Over Jean Nouvel's 100 Eleventh Ave Luxury Condo (L) with Frank Gehry's IAC Building (R) | Photo by Tony Sargent (C) 2013

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The area along the 10th Avenue corridor from 16th Street to 30th Street is fast becoming Manhattan’s newest luxury residential neighborhood. Renaming it “The High Line District” instead of the generic “West Chelsea” will best capture the district’s new and exciting eclectic nature and architectural significance.

Already featuring a mix of boutique condos, long-established art galleries, and distinctive architecture designed by such luminaries as Jean Nouvel, Frank Gehry, Annabelle Selldorf and Shigeru Ban, now new developments of uber luxury residential condos are coming to the area including modern designs by Thomas Juul-Hansen, Norman Foster, Zaha Hadid and other prominent architects. These projects are being developed by HFZ Capital, the Related Companies, Cary Tamarkin and others to create an exclusive new neighborhood deserving of new recognition. Read more…

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Why Manhattan Real Estate Keeps Attracting International & Domestic Buyers Alike


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International and local buyers keep falling in love with Manhattan real estate. Downtown, buyers are snapping up luxury new developments in Tribeca (56 Leonard), Chelsea (Walker Tower), West Chelsea and the West Village (150 Charles) and its expected that several new Hudson Yards projects including 520 West 28th to be designed by famed starchitect Zaha Hadid for Related will sell out quickly.

Manhattan real estate prices on average double every ten years drawing investors, however, I believe part of the magic of New York is that moment when one sees the lights of the city or a view one never had seen before. The city continues to grow and improve adding to its live-able quality and attracting buyers from all demographics and nationalities. Of course many old-timers lament the city’s change, but change is a constant in New York.

Cameron Michael has captured the essence of Manhattan in this Manhattan Project time-lapse video, which I wanted to share with you. Fall in love again…

The Manhattan Project HD from Cameron Michael on Vimeo.

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6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon

6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon Sailing in New York Harbor | Photo by Tony Sargent (C) 2013

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While 2013 has seen Manhattan luxury real estate flying off the market the larger story is that every great 1 to 3-bedroom apartment has 3+ buyers desiring to buy it. Here are 6 reasons why this trend is sustainable:

  1. Manhattan apartment stock is approximately 70% rental. With only 30% of apartments for sale there is already a built in potential for inventory shortage as society becomes increasingly affluent and established. Also while only 25% of apartments are condominiums/new developments, they accounted for approximately 50+% of all sales in the boom years, foreshadowing today’s re-sale inventory shortage.  Additionally, co-op owners stay in their units longer than condo owners putting enormous pressure on existing re-sale inventory.
  2. New development construction dried up for five years starting in 2008.  Today most new developments are aimed at the high-end market and priced at $2,000+ per square foot leaving overall mid-level re-sale inventory at 12-15 year lows.
  3. As newly minted Social Media and Internet entrepreneurs join the growing ranks of the global “1%” and baby boomers buying in New York, while Wall Street performance continues to be a barometer of the strength of Manhattan’s market, in 2013 the market has become less dependent on Wall Street’s middle level employee bonuses to remain strong.
  4. Lifestyle & Safety = people-friendly, family-friendly and senior-friendly. The safety of Manhattan and New York (look at Brooklyn) has grown exponentially with computer-modeled policing and development of areas once seen as off-limits.  Long-time residents mingle with baby-strollers as families decide to remain in New York. The great cultural lifestyle offered in Manhattan is drawing back wealthy baby-boomers to Manhattan from the suburbs while keeping those who would have left 20 years ago, in the city longer.
  5. High Rents and low mortgage rates continue to drive buyers of all price points back to the sales market.
  6. TV, Innovation & Tech: Entertainment filmed in New York adds to the city’s appeal to people, globally.

A beacon for leading creative or financial professionals, as well as global entrepreneurs desiring to make a splash, all arrows are pointing up again in New York.

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New York Luxury Real Estate: Why Manhattan’s $10M+ Market Offers Huge Buyer Opportunity

Posted on February 1, 2019

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