This Week in the NYC Luxury Real Estate Market

This week we thought we'd take a look at the luxury market. It's been active! The Manhattan luxury real estate market, defined as all properties priced $5M and above, saw 21 contracts signed last week; made up of 13 condos, 4 co-ops, and 4 houses. The previous week saw 14 deals.

As for the Brooklyn luxury real estate market, defined as all properties priced $2M and above, 16 contracts were signed last week; made up of 7 condos, 1 co-op, and 8 houses. That's double the 8 contracts signed the previous week.

We've noticed time and again that when luxury buyers feel comfortable signing contracts, there's a trickle-down effect in lower price ranges. Maybe the confidence of luxury buyers to commit large sums of money (often all cash) provides other buyers the reassurance they need to move forward with their own purchases.