Luxury New York real estate used to be on fire—then the flame seemed to have burned out. However, the embers might hold on long enough to spark a new blaze later this year, as sales tend to pick up in the fall. In fact, if just a few high-profile deals can be made, New York luxury real estate might be rekindled.
Last winter there was virtually no market in New York, and although interest rose in the spring, it was still not a good time to purchase. However, this summer a few luxury estates sold and began leading the way for more to follow. Madonna purchased a 12,000 square-foot mansion for $32 million and another apartment sold for $25.87 million. Although these transactions alone can’t revive an entire market, they do offer a sigh of relief, and hope, to New York’s top brokers. This fall many agents will focus on sparking an interest in the remaining luxury properties for sale such as a Park Avenue duplex and the penthouse at the Plaza—and with sales as such, all of New York will be a bit brighter.