Pent-up demand, a roaring stock market and extremely low interest rates are melding together to create a record-breaking luxury real estate market in Manhattan.
“Leading up to the pandemic, the high end of the market was the weakest segment of the market. However, since the end of the lockdown, it’s inverted – where the weakest segment of the market is the lower end, entry level,” said Jonathan Miller, president and CEO of real estate appraisal firm Miller Samuel.
The third quarter saw the most sales recorded at all price points in Manhattan in more than 32 years, according to a recent report by Douglas Elliman. But the real heat is on properties priced above $4 million.