Luxury Soars While Broader Market Slumps | Real Estate News

New York’s luxury real estate market is exploding—contracts over $10 million jumped nearly double from last year, with luxury deals now making up half of all transactions. A record 56 ultra-high-end contracts were signed this quarter alone, including an $80M deal at 80 Clarkson, though that one wasn’t counted in official stats. Meanwhile, overall market activity dropped 17%, with total volume hovering just above the 10-year average. The culprit? A severe shortage of new inventory—when new condos do hit the market, they vanish fast. Brooklyn mirrors this luxury tilt, while Queens saw a steep 50% drop in signings. It’s a tale of two cities: the super-rich keep buying, while the rest of the market slows down. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/597937cf5897ad70