What is the current state of New York City’s luxury market?
The luxury market is a prime opportunity for buyers right now with prices down as much as 20–30%, and in some cases more.
A major factor is that international buyers are not transacting at the levels they have in the past. The major factors are difficulty getting currency out of countries like India, China, and Russia and the strength of the U.S. dollar. Prices have dropped significantly in London and in Australia, so buyers are being drawn to those areas where the exchange rate is more favorable.
The result is some of the best inventory I have ever seen in the city, be that townhouses, co-ops, or condos. Real estate in New York presents a unique value proposition for buyers and investors right now. A key driver in the market is that emerging businesses still want to be located in New York—be those in art, entertainment, banking, and tech—so New York is still a top international destination for business.