Luxury Condo Sales Surging
The luxury condo market has died. COVID-19 is the end of urban living.Pandemic drives buyers to remote areas.
This was the common story in the first year after the pandemic. It was true in some places, such as Manhattan and the Florida coast, where there were high-end attached houses.
Luxury homebuyers in pockets all across the country abandoned the convenience and low-maintenance potential that condos offer, opting instead for more space with fewer people. Sales rose in suburbs of New York, like Westchester County, and Long Island, between March 2020 and November 2020. However, Manhattan sales fell dramatically. High-end properties in urban areas that were sold in the city saw steep discounts.
Manhattan has mostly rebounded. The most notable increases were in Chelsea and Hudson Yards, where prices have tripled and contracts are more than 20% higher than pre-pandemic rates. On the Upper East Side contracts are up 150%, and pricing is 15%.
Miami is experiencing the same trend. Luxury condo sales are up 113.8% over the past year, and Q3 2021 was the most successful quarter in six years.
Although condo sales have been slowing across the country, the benefits of living in urban areas continue to attract interest, according to Ricardo Rodriguez. He is a Global Luxury Ambassador at Coldwell Banker Realty Boston. “Cities are the cultural engine and the business engine of this nation, and they remain desirable despite the negative narratives of the past two year. The variety of condos available is one of the reasons they are so desirable. Buyers can choose from small boutique buildings or full-service residential towers. They can also find the condo home of their dreams at a variety of prices and within walking distance of all the activities they love.
These same reasons are driving them to be in greater demand all across the country. A new report by the Institute for Luxury Marketing shows that between October 2020 and October 2021 the median price for attached houses rose from $899.950 to $1,112,500, and the median days on the market fell from 34 to 13. The luxury attached home sales ratio rose from 20.19% up to 43.78% and inventory dropped dramatically from 18,607 down to 11,212 during the same period.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The Paramount Residences enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach. Looking for a Paramount Condos For Sale Fort Lauderdale? Contact us today!