Easy pickings

Q1 '24 real estate reports

REAL ESTATE • Q1 Reports

Highlights from a mixed quarter for luxury real estate in Manhattan:

• The median sales price for luxury sales (top 10%) rose 2.7% YoY to $5.8M (Elliman)

• Listing inventory rose 9%, the first increase in four quarters (Elliman)

• Closed sales for the quarter dipped 11.6% (Elliman)

• The $3-$5M price range saw the biggest increase in contracts signed at 15.7% (Compass)

• The $5-$10M range saw the next biggest increase — 9.6% more (Compass)

• The median price of new development sales rose 31.3% (Elliman)

Anecdotally, buyers are tired. “Large trophy apartments in need of work are just sitting on the market, in some cases, north of two years,” per Compass broker Christine Miller Martin. “Many buyers are done with the ever-increasing construction and decoration costs required for renovating a home.”

On that note, One High Line was the big new development winner last month, with six signed contracts on listings above $4M, per Marketproof, including East 19B, a 3BR/3.5BA corner unit asking $8.19M. 

Consider also apartment RU7 at 50 Madison (above), a full-floor unit with Madison Square Park and Flatiron Building views. Listed for $6.5M, the apartment features a primary suite with 150 square feet of custom closets, two more en suite bedrooms, a chef’s kitchen and a Ryan Korban renovation. It was in contract as soon as it hit Streeteasy.