Luxury real estate sales, above $4M, in New York are up 15% from last year. The overall sales numbers are up 4.3%, but the high end is driving the market and the numbers. Also, days on market last year was 204, this year it is almost halved at 125, reports Diana Olick of CNBC.
This will be the year of the smart buyer and we foresee the best luxury properties in the most desirable locations being gobbled up by savvy, wealthy investors who are not in need of financing for both personal use and also to grow their portfolio.
Great news for The Big Apple!