New York City’s luxury residential market is gaining momentum after stumbling early in the year, another sign that pockets of the U.S. housing market are stirring to life despite high mortgage rates.
Manhattan’s most expensive homes posted their second-best June for contracts signed since at least 2006.
Signs of a potential turnaround have defied expectations that rising interest rates and a weakening economy would keep even the most affluent buyers on the sidelines for much of 2023. Instead, a rebounding stock market and fading recession fears boosted activity among well-heeled New Yorkers.
“People went out and they’re still spending money on good digs,” said Donna Olshan, president of Olshan Realty, a brokerage firm that tracks Manhattan luxury sales of $4 million or higher.
While still slower than the “boom years” of 2021 and 2022, luxury transactions in the first half of this year outpaced prepandemic levels, according to Olshan. A penthouse in the Soho neighborhood that traded off-market for $50 million last month ranked among the most expensive home sales ever to close in downtown Manhattan.
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Source: www.wsj.com
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