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Is the luxury market poised to soar in 2024?

Despite a tepid start in the new year, Manhattan’s luxury market shows signs it is returning to the momentum it had at the close of 2023. While the first week of 2024 saw only 17 contracts signed in the luxury market, the two highest priced units in contract that week propelled the weekly total beyond the $100 million threshold. Both Extell developments, they include a $24.5 million unit at Central Park Tower, the tallest residential building in the city and a $16.5 million unit at 50 West 66th Street, the Upper West Side’s newest high-rise development.

As I mentioned last week, 4th quarter luxury sales prices increased by 12 percent from the previous quarter. This week marked the first major luxury deal of the year—a $49 million penthouse at One High Line, previously known as the XI. The 5-bedroom unit spanning 7,375 square feet offers 360-degree and includes approximately 4,830 square feet of outdoor space.

While predicting the trajectory of the luxury market in an election year and amidst declining rates is nearly impossible, one consistent expectation from this segment is its ability to set a high bar. From design trends to smart-home technology and amenities, Mansion Global offers a look at what to expect in 2024 across the world’s major luxury markets.

Something else worth noting is NY Governor Kathy Hochul's modifications to the LLC Transparency Act, signed into law last month, may help boost luxury sales. The bill which initially required LLCs to disclose owner information in a public database, now will be accessible solely to law enforcement and government agencies. This should address privacy and security concerns of luxury buyers, who may be more willing to buy. 

Many anticipate that the luxury market, mirroring the broader market expectations, is poised to perform better in 2024 compared to the previous year.


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