Manhattan Luxury Homes Market Reaches Record High In Sales In 5 Years

It was a busy week for real-estate in Manhattan, as the borough saw a record number of sales making global headlines. According to Mansion Global, thirty-eight high-end homes were sold in Manhattan, which has been the location’s busiest week in terms of sales and figures in almost five years.

The report was released by Olshan Realty on Monday. The last time the borough saw such high sales numbers was the first week of August 2016. The luxury contracts were worth at least $4million or more, and when totalled up, the thirty-five contracts resulted in $351.million in sales, which the report noted was the most expensive cumulative sales in a week in Manhattan since December 2017.

RELATED: Luxury Real Estate Market Booms Due To Pandemic Lockdowns

The most expensive home sold in Manhattan in the last week cost a cool $29,5 million dollars and was located at 215 East 19th Street. It features almost 7,000 square feet. The buyers reportedly were only allowed to view the home via FaceTime in March. They later visited the luxury home several times in the following months before finally placing an offer.

Citing an article published earlier this month, Maison Global offered several reasons as for the high sales in Manhattan recently, which may be surprising to many given the recession the ongoing coronavirus pandemic has caused. The publication suggests the rise in people being vaccinated with the COVID-19 vaccines has prompted more individuals to invest in real estate since the beginning of the year. This is coupled by lower interest rates, a prosperous stock market, and various discounts being offered to incentive buyers.

In general, real estate is doing well in New York in comparison to the previous year. According to NY1, for instance, apartment sales in both Manhattan and Brooklyn were doubled this past January when compared to sales the same time a year prior. The publication explains the real estate market initially took a nosedive with the onset of the pandemic. They explain this has led to higher demand this year, given that many people put off buying homes in 2020. It also helps that mortgage rates are down and sellers are more willing to negotiate, all contributing to the overall rise in sales in the New York real estate markets.

Citing research  done by Miller Samuel Real Estate Appraisers for Douglas Elliman, NY1 notes that many people initially left New York for more comfortable relaxation destinations, such as Florida and the Hamptons, especially as New York went into lockdown. Now, especially as the coronavirus vaccine becomes increasingly accessible in the U.S., more people have returned to the city, many of which appear to be looking for a home.

Sources: Maison Global, Maison Global, NY1, Olshan Realty,

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