Viewing entries tagged
new york city real estate
Sometimes you need a velvet rope to foster demand and create buzz and exclusivity. Remember the red velvet barrier in front of Studio 54 in the late 70’s? How cool was it when the big burly bouncer out front nodded that you could enter and join the other disco party-goers? When applied to real estate sales, velvet rope marketing is about creating demand by limiting availability to achieve a premium price.
Stats from the second quarter reaffirm Manhattan real estate’s amazing rebound. Following on the heels of a stellar Q1, surging pent-up demand and low interest rates continued to work in tandem to drive up the number of contracts signed. At this point, we have regained values that were lost to Covid discounts and, by and large, we are back to pre-pandemic pricing. It’s activity however, not pricing, that’s way up.
Manhattan real estate is recovering. Signed contracts and transaction volume are up. Especially encouraging is activity on the high end which saw 21 contracts signed over $4M in the last week of September—the highest since lockdown and the strongest final week of Q3 since 2014 when 33 contracts were signed (per the Olshan Report).
