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New York luxury Real Estate Could Be Bargain In 2021
Judging by the last quarter of 2020, New York’s luxury real estate market should enter 2021 with confidence. Sales of homes that cost more than $4 million were a little above those of the same three months in 2019, says Donna Olshan, president of luxury real estate b
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Realty Plus
Published - Thursday, 24 Dec, 2020
Judging by the last quarter of 2020, New York’s luxury real estate market should enter 2021 with confidence. Sales of homes that cost more than $4 million were a little above those of the same three months in 2019, says Donna Olshan, president of luxury real estate broker Olshan Realty. Now, some of that has to do with demand that was never met, because we lost the most important quarter the spring.
But the tick upward is also because most of these sales are to New Yorkers, or from the New York metro area, betting on the home team. They are getting Covid-19 discounts, they’re looking at the long-term prospects of New York, and they’re buying.
As the city looks toward next year, the known unknowns loom large. The timeline of the vaccine rollouts is opaque. A proposed pied-à-terre tax, dreaded by everyone in the industry, remains possible. And the economic futures of the city, the country, and the world are up in the air. But the city’s luxury residential market has enough momentum to make experts feel comfortable making some conditional predictions.
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