New York City real estate agents had fewer days to transact, what with Election Day and Veterans Day falling in the same week, and the sales data shows it. Only 31 new development condo deals were reported, a 40% drop.
Market Update: November 7 – November 13, 2022
A quarter were asking more than $4 million and that pushed the average asking price to nearly $3 million, up 20% from the week before. Luxury condo sales have held strong over the past month with a heavy emphasis on Manhattan. found a buyer for a residence asking $16.5M. It was the week’s most expensive contract.
Blue chip developments on the Upper East Side have also been defying the broader market trends. Zeckendorf Development’sis the new kid on the block. The project, where the smallest unit is a two-bedroom, had three sales last week and is already nearing 20% sold since launching in June. “As financial markets go up and down, many well-heeled buyers are looking for less volatile investments and see real value in the apartments at 1289 Lexington. The quality of our floorplans and finishes is simply not found in any other comparably priced new development,”But the neighborhood to watch right now is NoMad, which has been completely rebranded as a luxury lifestyle destination.
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