Luxury Buying Spree Persists in New York City and South Florida

Manhattan’s high-end real estate market has truly emerged from its coronavirus-induced

slump, according to the latest data from Douglas Elliman, released Thursday.

There were 130 contacts signed on high-end homes priced at $4 million or more in May, up from just 17 at the same time in 2020, when the city was still in the throes of its strictest coronavirus lockdown, the data from the brokerage found.

That equates to a surge of 665%.

“The significant annual jump reflected the lockdown during the same period last year,” the report pointed out, a time when the pandemic gripped the city, residents relocated and the borough’s property market hit a virtual standstill.

One of the hotspots for wealthy movers during the pandemic was South Florida, a property market that is still benefiting from an influx of residents from the Northeast.

A separate report from the brokerage on Thursday showed that Palm Beach County, Florida, saw the largest jump in pricey deals last month, with 338 contracts signed on all types of homes asking above $3 million, compared to 134 at the same time last year: a 152% jump.

Miami-Dade County followed closely behind with an 150% increase in high-end deals, going from 387 last May to 967 this May. And in Broward County, which includes Fort Lauderdale and Pompano Beach, the number of pricey contracts increased 56.4%, according to the report.

Across the three oceanfront counties, “greater new signed contract growth for both single families and condos was skewed to the higher price tranches,” the report said.

Indeed, at the very top end of the market, marked increases were reported in both types of property.

Contracts on single-family homes priced in excess of $10 million—the highest price band the report covered—were most numerous in Miami-Dade County where 276 changed hands last month, a jump of 187.5% and a greater increase than any other price segment within the county’s house market.

Condos, meanwhile, recorded the most significant recovery in Broward County. There were 32 contracts signed on condo units priced above $5 million—the highest price band the report covered for condos—in the county, a 433.3% surge from the six that changed hands in May last year.

Source: Mansionglobal.com

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