The Prosperity Report - Vol 2

Page 36

I N S I G H T I N T O T H E U LT R A - L U X U R Y R E A L E S T A T E M A R K E T

NEW YORK CITY MARKET REPORT

BESPOKE LUXURY MAGAZINE

398

TOTA L $ 1 0 M + S A L E S 2019 - 2020

261 SALES IN 2019

Manhattan $10M+ trades declined 47.5% in 2020 compared to 2019, an inverse of the Hamptons market.

36

137 SALES IN 2020 ↓ 4 7. 5 %

Manhattan was one of the only ultra-luxury markets in the country that dropped in 2020, by 47.5% in sales quantity, 53.6% in sales volume, and 11.1% in average sale price, across all neighborhoods, locations, and nearly all price segments. The sudden ubiquity

of remote work and the increasing desire for outdoor, socially-distant activities are the primary causes for the rapid relocation of the ultra-high-networth community to secondary vacation markets, including the Hamptons, South Florida, Connecticut, and Colorado.