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<\/p>\nAmong theories of a looming\u00a0exodus, New York\u2019s condo brokers say they\u2019re just as busy as ever with ultra-wealthy clients who want to live and work in the city that just elected a democratic socialist as mayor.\u00a0<\/p>\n
\u201cPeople thought people were moving out of New York and not coming back. It’s actually the opposite,\u201d Charney Cos. Chief Data Officer and Brokerage President Andrew Steiker-Epstein said Wednesday\u00a0at Bisnow\u2019s New York Condos Conference. \u201cYou’re seeing people planting roots here, particularly in the luxury market.\u201d<\/p>\n
<\/p>\n
\n Courtesy of Binyan\n <\/p>\n
\n RXR’s 89 Dekalb luxury condo in Fort Greene, Brooklyn\n <\/p>\n
Leading up to Nov. 4, and in the weeks that followed, business executives warned<\/a> that New Yorkers would flee as a result of Zohran Mamdani<\/a>\u2019s proposed policies, which include increasing taxes on the wealthy. But data on the luxury residential market hasn’t backed up that prediction.\u00a0<\/p>\n In the third quarter, 318 sales closed for homes starting at $4M, a 2.6% increase from the prior quarter and 13.6% jump year-over-year, according to a report<\/a> by Douglas Elliman<\/a> and Miller Samuel<\/a>.<\/p>\n The momentum continued through November. Contracts for 151 luxury homes were signed in the month, up from 124 last year, according to Olshan Realty<\/a>, which tracks sales at $4M and above.<\/p>\n That includes Thanksgiving\u2019s shortened week<\/a>, which recorded 19 contracts, above the 10-year average of 17.\u00a0<\/p>\n Those buyers have been \u201cpredominantly end-user, and that is a big shift,\u201d Steiker-Epstein said Thursday at the event, held at the Marriott Marquis.<\/p>\n Historically, New York\u2019s luxury market has been dominated by foreign buyers, but activity from international investors has fallen \u2014 even before the discouragement posed by tariffs and sanctions.<\/p>\n Between April 2023 and March 2024, the U.S. recorded its lowest level<\/a>\u00a0of international homebuyer purchases since 2009, according to a report by Sotheby\u2019s International Realty<\/a>. Investors from overseas bought 54,000 homes for a combined $42B, compared to $153B across 285,000 homes in 2017.\u00a0<\/p>\n \u201cThe ebbs and flows of the international market are largely driven by capital markets considerations,\u201d Toll Brothers City Living<\/a> Vice President Alan Silver said. \u201cIf that’s who you’re counting on as your buyer, it’s a scary proposition.\u201d<\/p>\n \n Bisnow\/Sasha Jones\n <\/p>\n \n Toll Brothers City Living’s Alan Silver, Lendlease’s Caaminee Vecchio, Charney Cos.’ Andrew Steiker-Epstein, Corcoran Sunshine Marketing Group’s Yejin Berman, Grid Group\u2019s Yiannes Einhorn and Herrick’s Phil Tucker at Bisnow’s New York Condo Conference\n <\/p>\n In the place of international buyers, domestic high net worth individuals have gained prominence, panelists said.\u00a0<\/p>\n Corcoran Sunshine Marketing Group<\/a>\u00a0Managing Director Yejin Berman said her firm has been marketing to domestic non-New York buyers, particularly in tech hubs on the West Coast, Texas and Florida \u2014 all markets that welcomed a surge in New York transplants during the pandemic.<\/p>\n A Zillow report<\/a>\u00a0found that several cities in those regions rank among the top 10 metro areas with residents searching for homes in New York this year.\u00a0<\/p>\n Miami took the third spot on the inbound list, after being\u00a0No. 1\u00a0last year, behind Washington, D.C., and Philadelphia. Dallas was\u00a0No. 8, San Francisco was ninth,\u00a0and Tampa capped the list at 10.<\/p>\n \u201cIt’s a lot of second, third, fourth homes,\u201d Berman said, adding that about half of her clients already have a primary residence in the city.\u00a0<\/p>\n Growth in AI and other fields has created a new buyer pool consisting of young professionals. Still, parental financing remains popular.<\/p>\n \u201cWhat we can really track is a big increase in LLC purchasing and trust purchasing, which typically signals family money,\u201d Steiker-Epstein said.\u00a0<\/p>\n Berman added that she recently sold a $20M apartment to parents who were buying on the behalf of their 22-year-old.\u00a0<\/p>\n Demand may not be easing soon, either, especially as companies continue to call employees back into the office, Silver said. New York has led the country\u00a0in office recovery<\/a>\u00a0and is on track to beat prepandemic leasing levels for the first time since 2019. Many Wall Street firms, and even\u00a0major NYC tech employers like Amazon, have\u00a0reinstated five-day-a-week<\/a> office policies.<\/p>\n \u201cThe buyer that may have drifted to the suburbs knowing that they don’t have to come into work more than three days a week, I think they\u2019ll start to think twice about that commute,\u201d Silver said. \u201cIt’s gonna be interesting to see what happens for those folks as they start to think about their forever homes and making decisions about buying, whether to stay in the city or move to the suburbs.\u201d<\/p>\n \u201cIt’s a different population now.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Among theories of a looming\u00a0exodus, New York\u2019s condo brokers say they\u2019re just as busy as ever with ultra-wealthy…\n","protected":false},"author":3,"featured_media":427267,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[198840,5229,198839,152246,198837,105554,198835,405,403,5226,5225,5228,5227,198838,198836,67,586,132,5230,68,2969,198841,28433],"class_list":{"0":"post-427266","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-alan-silver","9":"tag-america","10":"tag-andrew-steiker-epstein","11":"tag-charney-cos","12":"tag-corcoran-sunshine-marketing-group","13":"tag-douglas-elliman","14":"tag-miller-samuel","15":"tag-new-york","16":"tag-new-york-city","17":"tag-newyork","18":"tag-newyorkcity","19":"tag-ny","20":"tag-nyc","21":"tag-olshan-realty","22":"tag-toll-brothers-city-living","23":"tag-united-states","24":"tag-united-states-of-america","25":"tag-unitedstates","26":"tag-unitedstatesofamerica","27":"tag-us","28":"tag-usa","29":"tag-yejin-berman","30":"tag-zillow"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115668932112655274","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/427266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=427266"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/427266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/427267"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=427266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=427266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=427266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n