Home News Wealthy Home Buyers Have Shown a Taste for New York City’s Lavish High-End Apartments This Year

Wealthy Home Buyers Have Shown a Taste for New York City’s Lavish High-End Apartments This Year

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The luxury home market in New York has been shifting since it made a strong start in 2022.

According to a report from SERHANT on Tuesday, New York City condo prices were $ 10 million, up 84% in the first half of this year compared to the same period in 2021. Co-operative sales increased 100% over the same period.

Sales increased to $ 1.26 billion in the first half of last year, up from $ 1.11 billion in the same period in 2020 to $ 2.17 billion, according to the report.

“The New York super-prime market got off to a solid start until 2022,” said Garrett Darderian, market intelligence director at SERHANT, in a report. “The first half of the year was the strongest since 2019, when the mansion and transfer tax increases were implemented on July 1. As a result, there was active activity in the first half of the year. Condominiums were also the most active in years. It sold at a fast pace. ”

Indeed, the pace of sales has also increased, with average real estate market spending from 328 to 203 last year. In the first half of 2022, there were 127 condo and co-operative contracts, priced at over $ 10 million, slightly less than the 161 reported last year.

“The number of transactions is slightly below the record set in 2021, while the number of super prime condo contracts is 28% above the 10-year average, while co-operative transactions are down only 8%. “Derderian writes.

According to the report, the average selling price for all property types in the first half of 2022 was $ 13.7 million.

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Real estate sales in the city have undoubtedly slowed in the last two months since the 2021 record, but if home prices are set correctly, buyers will know they are engaged at this level. ” Added Derderian.

Meanwhile, on the eastern side of the Hamptons, New York’s Super Prime Set summer retreat, the median rose 9% to $ 14.65 million, the report said. Sales are sluggish due to lack of quality inventory, but buyers are still there.

“Turnkey homes are the most in demand and the most expensive,” Darderian wrote. “Most buyers across the Hamptons are less willing to make major refurbishments in the current market, given rising costs and supply chain disruptions. It just takes too long to complete. , The prices of occupant homes have risen. They haven’t been on the market for a long time. “

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