05/08/2023
At the beginning of 2023, New York’s real estate saw its ups and downs. Within the first two months of the first quarter, few high-end listings sold, and the few that sold had a unique quality about them. However, the first quarter has been experienced somewhat differently for properties ranging from $4 million to $10 million dollars. Each week “contract activity at $4 million and above, jumped from an average of just above 16 deals per week in January to an average of 25 deals per week in February, then to an average of just under 32 per week for the first three weeks of March,” according to the Olshan Luxury Market Report. These lower priced properties have been driving the real estate market up, and the popularity of these apartments have been increasing. Despite the recent collapse of banks, New York’s real estate market continues to experience an increase in activity throughout this spring season and is anticipated to only go up.
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Multiple factors make it difficult to read the tea leaves about what’s coming in the second quarter. But the big price decreases seem behind us, and property costs have plateaued. It’s a good time to make a deal!