New York has long ranked among the top destinations for international investment, and the current state of the U.S. dollar likely means the flow of international buyers in the city will continue in the coming months. In Manhattan, not only are international buyers driving market activity, but cash is making up a larger portion of deals than at any time previously recorded. Year to date, cash transactions have accounted for 60 percent of condo sales in Manhattan and 37 percent in Brooklyn. Despite that momentum, newly signed contracts in Manhattan decreased month over month for the first time since January. New listings, on the other hand, continued to rise, bringing us back towards the equilibrium we know and love.
In the last week of April, 11 luxury Manhattan properties priced at $10 million or more went into contract, bringing the week’s sales volume to nearly $285 million, according to a report by Olshan Realty. Of the 27 total units that went into contract that week, 16 were condos, six were townhouses and five were co-ops. With an asking price of $28 million, WPH34A at 500 West 18th Street took the crown for most expensive.
Brooklyn also clocked some record-breaking sales to close the month. A rowhouse with Park Slope’s widest sidewalk and an asking price of $5 million was the most expensive home to go into contract. The borough had 20 homes—six condos, three co-ops and 11 townhouses, which are still reigning in popularity—listed for $2 million or more find buyers during the last week of the month, up from 19 in the week prior. In April, the total number of newly signed contracts fell month over month for the first time in three months, while new listings saw an uptick. In both Brooklyn and Manhattan, the increase in new listings was concentrated in co-ops and multifamily properties. New condo listings in both boroughs declined slightly.
In Westchester, newly signed contracts balked at April trends in other New York markets and rose month over month for the third time. New listings also increased for the fourth consecutive month. A proposed development between Columbus Avenue and West Lake Drive that would add an additional 162 townhomes to the market is likely to move forward after brief pushback from the Mount Pleasant Town Board. In response to the board, Toll Brothers has agreed to require that each unit in the development have at least one full-time resident that is 55 years or older.
In Miami, while the first quarter was marked by a chronic shortage of listings despite month-over-month increases in listings and transactions, April saw a decline in both for the first time in three months. We’re honored to represent availability at The Residences at The WELL Bay Harbor, a collection of 54 bespoke condominiums and over 22,000 square feet of amenities. Tucked away on Bay Harbor Islands, The WELL blends ancient craftsmanship with modern trends to create a home that encourages you to prioritize wellness.
In other Miami news, ESPINAL | ADLER is excited to welcome Simone Onnis to our team! Simone is an Italian native with a passion for dance and helping clients find their dream home. After residing in New York City for 10 years and frequenting Miami for relaxing beach getaways, Simone and his husband relocated many years ago to Miami Beach, which arms him with intimate knowledge of these two key markets.