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August 2020 Manhattan $5M+ Report

August 2020 Manhattan $5M+ Report

August 2020: Manhattan’s Luxury Market Holds Steady

This August, $5M+ sales were nearly level with last month, active listings rose quickly, and pricing cooled as result of fewer very high-price deals.

  • Sales, while lower than last year, were nearly level with July. August saw 23 sales over $5M, a 51% annual decline. The market is still rebounding from very low levels earlier this year, so the annual decline is unsurprising. More importantly, sales fell by just one from July, suggesting the $5M+ market has stabilized for now.
  • Active listings continued to climb. As seen last month, active listings, which are usually lowest in August, instead increased...
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Micro Lens on the Summer Market – 7th Edition

Micro Lens on the Summer Market – 7th Edition

While the Upper West Side had 7 fewer contacts signed under $4M than the previous week, the Upper East Side had 5 more contracts signed. These last few weeks of summer will be likely less active simply because of the time of the year, however since there is more clarity around schools, we could be pleasantly surprised. Markets typically improve with varying degrees of certainty. There were 3 contracts signed OVER $4M on the Upper East & West Sides, not unexpected for this time of year. 941 Park-2/3C asking $6.95M, 200 WEA-12G asking $4.495M & 25 CPW-16I asking $4.37M. Keep...

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Move Safe Certified with HomeLight

Move Safe™ Certified

We’re proud to share that we’re Move Safe Certified with HomeLight! Our team is using the best tools and practices including meeting with clients virtually, practicing safety protocol for showings, and using an e-sign platform for the transfer and signature of documents. We’re here to help buyers and sellers navigate through these challenging times.

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Micro Lens on the Summer Market – 6th Edition

Micro Lens on the Summer Market – 6th Edition

There were 47 contracts signed under $4M on the Upper East & West Sides last week over 40 the previous week. Notably, there were 8 contracts signed over $2M from zero the previous week; 7 of which were on the UWS. An increase week over week in August is a good sign as new inventory will come on in September. Last week, Governor Cuomo announced that all school districts in NY State can open based on the data but there will be things that do not make it a typical fall school season, such as remote vs in-school learning or...

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Micro Lens on the Summer Market – 5th Edition

Micro Lens on the Summer Market – 5th Edition

There were a total of 40 contracts signed last week under $4M on both the Upper East & West Sides; only 2 were over $2M. August should be interesting as historically it is not very active month as many people are away and it is very hot. However, this month could prove to be different as final decisions will be made on schools re-opening and there is likely deals to be had prior to September when new listings will likely come on the market.

There were 18 contracts signed under $4M last week on the UWS which is an increase from...

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