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High-End Condos, Co-Ops Bright Spots For Manhattan In May | Black Kite Express

The Hamptons luxury market also performed well in both single-family homes and condominiums, according to Douglas Elliman’s new signed contracts report.

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The luxury sector of the Manhattan real estate market eclipsed the overall market in May, according to a new Manhattan market report from Douglas Elliman.

Newly signed contracts in the overall market fell 1.4 percent year over year as buyers showed an appetite for co-ops priced at $4 million and up and condos priced at $5 million and up.

Co-ops priced between $4 and $4.99 million saw a 66.7 percent year-over-year increase in new contracts, while those between $5 and $9.99 million were up 25 percent year over year.

Condos priced between $5 and $9.99 million saw a 15.4 percent increase in new contracts annually, while those between $10 and $19.99 million increased 10 percent.

Lower prices didn’t fare as well: Condos priced between $4 million and $4.99 million saw a 59.3 percent drop in new contracts since May 2023.

In Brooklyn, newly signed contracts on co-ops priced between $1 and $1.99 million fell 42.3 percent year over year, as contracts on properties priced between $2 and $3.99 million increased by 1 contract in May 2023 to 12 last month.

Borough condo contracts on properties between $1 and $1.99 million increased a modest 4.8 percent year over year, while those on properties between $2 and $3.99 million fell 19.4 percent and those on more of $4 million fell 66.7 percent.

Meanwhile, the Hamptons luxury market performed well in both single-family homes and condominiums.

“The Hamptons is one of the few markets in the New York metropolitan area that sees year-over-year gains in new contracts signed for both single-family homes and condominiums,” the Douglas Elliman report states. “Recently signed single-family contracts showed significant gains above the $4 million threshold, thanks to an increase in new listings.”

New contracts priced between $4 and $4.99 million increased from three in May 2023 to 10 in May 2024, while those between $10 and $19.99 million increased from just two new contracts on last year to 12 this year. There were also four new contracts on properties worth $20 million or more, compared to just one in May 2023.

Condos at all price levels recorded six newly signed contracts, compared to three in May 2023.

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Email Lillian Dickerson

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