Billionaires' Row and Central Park South (via Robert A.M. Stern Architects)
Similar to the global real estate landscape, the Manhattan condo market is adapting to changing conditions. In Q3 2023, the borough's condo sector showed signs of price stabilization, largely due to listing inventory levels remaining well below the average. Nonetheless, overall sales have declined year-over-year, primarily as a result of the significant increase in mortgage rates over the past year, compounded by potential sellers holding onto their current low mortgage rates.
According to Douglas Elliman's 2023 3rd quarter report for Manhattan, the market share of new development sales reached its highest point in over a year, surpassing the average for the past decade. New development sales now constitute a larger proportion of transactions involving foreign and all-cash buyers. Consequently, the luxury market has experienced year-over-year price increases for the second consecutive quarter, coinciding with a decrease in luxury listing inventory. Find below the 10 priciest NYC neighborhoods of the last quarter coupled with some relative condo bargains.
According to Douglas Elliman's 2023 3rd quarter report for Manhattan, the market share of new development sales reached its highest point in over a year, surpassing the average for the past decade. New development sales now constitute a larger proportion of transactions involving foreign and all-cash buyers. Consequently, the luxury market has experienced year-over-year price increases for the second consecutive quarter, coinciding with a decrease in luxury listing inventory. Find below the 10 priciest NYC neighborhoods of the last quarter coupled with some relative condo bargains.
In this article:
View from 35XV via Compass
22 West 26th Street, #2A (Douglas Elliman Real Estate)
111 East 88th Street, #3A (The Agency Brokerage)
Tribeca East, #3W (Corcoran Group)
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8 Greene Street, #5 (Compass)
Village Condominium, #4 (Serhant LLC)
Wellington Tower, #3L (Compass)
Photos courtesy of Hassan Mokaddam via 6Sqft
River Front, #303 (Archpoint Advisory Team)
Upper East Side from 930 Fifth Avenue (Brown Harris Stevens)
Gallery Apartments, #503
$1,750,000 (-7.9%)
Park/Fifth Ave. to 79th St. | Condominium | 1 Bedroom, 1.5 Baths
Gallery Apartments, #503 (Brown Harris Stevens Residential Sales LLC)
The Sequoia, #10A (Corcoran Group)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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