Manhattan's White Hot Market

The Manhattan property market continues as a top performer, a destination of choice for international buyers of luxury homes. Drawn to electric city living in a secure investment environment, cash-flush Brazilians, Chinese billionaires, Saudi royalty, a Russian composer, and just last week, the Prime Minister of Qatar are some of the newest residents to the 212 area code.

“In last year’s State of the Market Report, Christie’s International Real Estate was the first to observe that High Net Worth Buyers were increasing exposure to luxury residential real estate as an investment strategy to protect and preserve wealth,” says Neil Palmer, Chief Executive Office. “That global trend has accelerated over the course of the past nine months, resulting inbreathtaking sales—some above asking price—in international cities like New York.”

Manhattan’s trophy real estate continues to post breathtaking sale prices and attract international buyers much like pieces of fine art. As an example, look at the similarity in record-setting price points achieved just this year by Christie’s and Brown Harris Stevens, the exclusive Affiliate of Christie’s International Real Estate in Manhattan: 

• Mark Rothko’s Orange, Red, Yellow (1961), set a world mark for contemporary art sold at auction with a sale price of US$86,882,500 in May.
• CitiGroup Chairman Sanford Weill’s penthouse at 15 Central Park West, an all-cash sale with proceeds donated to charity, smashed New York records by commanding US$88 million in February. Brown Harris Stevens represented both sides with Kyle Blackmon representing the seller and Maria Torresy, the buyer. 

A New York institution older than the city itself, Brown Harris Stevens is one of the city’s most successful luxury real estate brokerages, having recorded most of the top residential transactions this year. Other highlights include:

Other highlights include:

Central Park South Penthouse List Price: US$70 million
Listed by Kyle Blackmon 

Candela Masterpiece at 940 Park Avenue List Price: US$60 million
Listed by Kathy Sloane with international marketing services by Christie’s International Real Estate. 

Stanford White’s Mansion on Fifth Avenue
List Price: US$49 million
Listed by Paula Del Nunzio, the architectural marvel sold in June in conjunction with Christie’s International Real Estate. The contents of the Italian Renaissance palazzo-style residence were sold through Christie’s.East 70th Street Residence List Price: US36,000 million
Harris Stevens' Dominic Poolilo represented the buyer

Jackson Hole Real Estate Market Continues to Recover

Buyers continue to focus on the US$1 million and below market reports Jackson Hole Real Estate & Associates

The market data from the first half of 2012 indicates that the Jackson Hole real estate market is continuing the recovery that began in January 2010, reports Jackson Hole Real Estate Associates in their semi-annual The Hole Report. The firm is the Christie's International Real Estate exclusive Affiliate in Jackson, Wyoming.

The report notes that mid-year numbers from 2009 compared to the mid-year numbers from 2012 show that the overall number of sales since that time is up 283 percent. While the market continues to gain strength, it is still a far cry from the height in 2005 where an incredible 509 sales took place in the first six months. One fact is clear; the local market continues to gain momentum.

The number of sales is up 19 percent and dollar volume is up eight percent, when compared to this time last year. The focal price point continues to be the under US$1,000,000 range, where the number of sales is up 19 percent from last year, and made up 69 percent of the overall sales. 

To read the complete report, visit The Hole Report.