MANHATTAN Q3 2021 $10M+ MARKET REPORT

Q3 2021

Industries change. Markets evolve. Great companies innovate.

Luxury real estate should be no exception.

Yet, the traditional brokerage model has not evolved in decades—and as a client, you’ve noticed.

Recognizing the need for change, Bespoke Real Estate launched in 2014 as the first and only firm to solely represent homes above $10 million with a revolutionary direct-to-client model.

Since our inception, we have facilitated over $9 billion in $10M+ sales. We have been unwavering in our mission to deliver the most tailored, uncompromising, result and relationship-driven experience for you, our clients.

Contact us to learn more about The Bespoke Method, our unique client-first advantages, and to list with the $10M+ experts.

To provide our clients with more value, more resources, and a more personalized experienced than anywhere else in ultra-luxury.

We are grateful to be of value. Over $10Billion in $10Million+ Transactions

The allure of a luxury price point is just the beginning; discover the competitive advantages of Bespoke and the unprecedented value afforded to you.

TAILORED FOR $10M +

As the first and only firm to focus solely on selling homes above $10 million, Bespoke delivers unmatched expertise.

REVOLUTIONARY DIRECT-TO-CLIENT MODEL

With no independent agents and no franchises, Bespoke delivers the capabilities of our entire company directly to our clients—without the dilution of resources found within traditional brokerages.

POWERED BY BESPOKE

LUXURY MARKETING

Bespoke’s sister company, known for representing the worldʼs most prestigious brands, builds compelling campaigns for our clientsʼ properties.

WEALTH INTELLIGENCE

Bespoke’s Data Division uses the most exclusive wealth intelligence in the industry. With the removal of independent agents and internal competition, Bespoke controls, collects, and utilizes all incoming data and information to market and sell our clientsʼ properties.

THE BESPOKE METHOD

The Bespoke Method delivers the industryʼs most pinpoint-accurate UHNW-targeted marketing, driving powerful results for you.

IMMERSIVE INSIGHT

As the sole curator of national $10M+ market reports, we ensure that the Bespoke client is the most informed.

PERPETUALLY EXPANDING NETWORK

Bespoke’s curated roster of the worldʼs most influential UHNWIs acts as an ever-expanding advisory for our brand and the most qualified network for our clientsʼ offerings.

RESULTS

Bespoke has facilitated over $9B in $10M+ transactions for our clients and amassed a $2B+ portfolio of the worldʼ s finest offerings, with an average sales price of $27M+

Weʼre on a mission to make the industry better for you. For decades there were no other options—Now you have Bespoke.

BESPOKE VALUES: INNOVATION, INTEGRITY, INSIGHT—AND IMPECCABLE DELIVERY..

Bespoke’s mission is to perpetually elevate industry standards by purposefully breaking rules and innovating new ways to bring value to our clients.

EXECUTIVE SUMMARY

MANHATTAN

In 2020, we witnessed a booming Q3 market, with some of the greatest sales quantities and volumes we’ve ever seen. As we face the fourth quarter of 2021, with markets having found grounding from the last year’s volatility, our corner of the luxury world continues to perform consistent with 2020’s highs. Now steadily and healthily on the rise, Bespoke’s core $10 million+ markets, including Manhattan, the Hamptons, and South Florida, have outpaced their records. We, too, have outperformed our records as we approach $1.5 billion in $10 million+ trades in 2021

In this report—the only one of its kind in the $10 million+ market—we look at Q3 2021 performance compared to that of 2020, using the third-quarter performance of closed trades as a reflection of overall market trends, it reveals that buyers are here to stay. There were 152 $10 million+ trades in the third quarter, 67% more transactions than this time last year; those trades sold for 68% more than last year. While all price segments have grown, we’ve seen a particular uptick in the number of

homes purchased in the $10-$15 million range due to stronger demand and quality inventory than higher price points. Among our existing client network, there’s been an increased demand for New York City properties, far from the trends of this time last year, as well as steady demand from buyers from the Northeast looking for quality turn-key inventory in South Florida.

This continued interest makes for an optimistic upcoming fourth quarter. As other outlets portray a sweeping narrative of the luxury market, our team is more focused than ever on providing quality service, actionable insight, and high value for the growing $10 million+ real estate market. Join us as we delve into why the $10 million+ market has performed as it has and what we’re looking forward to as we embark on Q4 and 2022.

HOPE YOU ENJOY.

Cody Vichinsky President, Bespoke Companies

MANHATTAN $10M+ MARKET

Total $10M+ Trades in 2021 YTD

27 TRADES

78 TRADES

68 TRADES

In Q3 2021 Manhattan saw a 196% increase in $10M + sales in comparison to Q3 2020.

The data shown below includes the 6 of 7 total locations surveyed within the Manhattan $10M + real estate market for 2021 year to date.

2

3

$10M

$2.9B

Total

$10M+ Trade Volume for 2021 YTD

$467M + TRADE VOLUME

$1.3B + TRADE VOLUME

$1.2B + TRADE VOLUME

Manhattan experienced a 193% increase in sales volume in Q3 2021 compared to Q3 2020.

$10M + TOTAL MANHATTAN SALES BY PRICE POINT

The data shown illustrates the total sales quantity and volume within the ultra-luxury real estate market surveyed within Manhattan for 2021 year to date.

More than any market, New York City’s has made a massive comeback. This time last year, between oncoming colder weather and the pandemic’s surge, sales were dramatically underperforming. While the city reopening explains the immense rise in sales quantity, it does only partly, as we’ve already exceeded pre-pandemic sales rates.

There were 195% more properties sold this third quarter than last year’s, from 23 $10 million+ trades in Q3 2020 to 68 trades in Q3 2021 , accompanied by a 193% increase in sales volume, from $398,008,000 to $1,165,804,990 . There’s been a 3.35% decrease in average last ask price, which, though untraditional, is a positive, pointing towards a recovering, sustainable market.

“We’re seeing our existing clientele with homes in the Hamptons and elsewhere express interest in purchasing new property or upgrading in the city,” says Cody Vichinsky, Co-Founder and President of Bespoke. “The third quarter is proving a really great time to buy, and we expect to see that in Q4 and 2022 , as buyers are starting to sense the feeling of demand rising around them as the city springs back to life, and they want to get ahead of it.”

24 Leonard Street, Tribeca, NY

Custom Triplex Penthouse

2 Levels + Rooftop | 7,261 SF+/-

6 Beds | 6 Full & 1 Half Baths Co-Exclusive. LP – $35,950,000

Unsurprisingly, the Upper East Side continued to be the best performing market between 2020 and 2021 contributing 29% to overall sales volume in Q3 2021.

What did remain consistent between the two years was the neighborhoods buyers favored: 25% of transactions were made on the Upper East Side, and 22% on the Upper West. That said, the condo market reveals an important difference between the two neighborhoods: though the Upper West Side sold 20% more condos than the Upper East Side, East Side condos contributed 47% more in revenue than West Side condos, indicating a dramatically higher value of Upper East Side homes. Unsurprisingly, the Upper East Side continued to be the best performing market between 2020 and 2021 , contributing 29% to overall sales volume in Q3 2021 .

192% increase in Sales Volume in $10M + NYC YoY for Q3

77% of all sales volume in $10M + Q3 2021 was from Turn-key properties

600% increase in sales quantity in $10M + Midtown West YoY for Q3s

29% of all Q3 2021 sales volume came from $10M + Upper East Side

®

48 E.81st Street, Upper East Side ,NY

Unparalleled Upper East Side Living

6 Levels + Rooftop | 7,443 SF+/-

5 Beds |

6 Full &

3 Half Baths

Co-Exclusive. LP – $22,000,000

LIST WITH THE $10M+ EXPERTS

Experience the change that Bespoke represents, placing more specialized resources, more value, and more compelling results in the hands of our clients.

Over $8B in $10M+ Transactions.

Our client-centric brand breaks the rules and redefines industry standards; we believed you deserved better, so we built a data-driven platform that delivers unprecedented access to the most sophisticated resources and precisely pairs the world’s finest offerings with their most qualified buyers.

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