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Luxury Soars While Broader Market Slumps | Real Estate News
New York’s luxury real estate market is exploding—contracts over $10 million jumped nearly double from last year, with luxury deals now making up half of all transactions. A record 56 ultra-high-end contracts were signed this quarter alone, including an $80M deal at 80 Clarkson, though that one wasn’t counted in official stats. Meanwhile, overall market activity dropped 17%, with total volume hovering just above the 10-year average. The culprit? A severe shortage of new inventory—when new condos do hit the market, they vanish fast. Brooklyn mirrors this luxury tilt, while Queens saw a steep…
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