Posted on 04/22/2026 6:31:47 AM PDT by millenial4freedom
This year, so far, has been a robust one for Manhattan’s trophy-home market.
Since the beginning of the year, 126 contracts have been signed for homes priced at $10 million and above, according to Olshan Realty’s Monday report.
That’s well ahead of last year’s 90 trophy deals that were logged during the same period, and even ahead of the 117 that were signed in the same time frame in 2021, a record-breaking year for Manhattan’s luxury-home market that included 400 trophy-home contracts.
(Excerpt) Read more at mansionglobal.com ...
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It’s called money laundering.
Its probably hedge-funds, large foreign investors with extra dollars, etc...
Chicoms?
It’s my understanding that under communism, the very wealthy do well, and of course party members do well. The average person, and business start ups? Not so much.
doesn’t that contradict the claim that the very wealthy will leave if communist tax policies are enacted?
“doesn’t that contradict the claim that the very wealthy will leave if communist tax policies are enacted?”
Yes. Some have left, but many more haven’t. Perhaps those that left didn’t have an “in” with the communists taking power?
While it seems the wealthy prosper under communism, it doesn’t last, eventually the crocodile that is communist government, eats those who remain.
They voted for it and those of us in Ca. can only hope the democrats will eat each other up so that 2 republicans can finish 1-2 in the open primary with no more than 20% each.
Our people are not showing up. Think Virginia.
The reason there are so many sales is because so many are leaving. These are not new units in general but units put up for sale. We know nothing about the buyers at this point.
Alternatively, “super rich” are dumping $10 million dollar homes. Speculators may be purchasing in the hope of voter backlash bringing in a Rudy Guiliani type law and order mayor.
With Letitia James and Alvin the chipmunk Bragg, as well as Mamdani, I don’t see that in my crystal ball. The rotten apple is done for.
Owning a residence and being a resident are not the same.
If someone is buying, another is selling...
If you drop the price enough to allow for the extra costs of leftism, the homes will sell.
It's long term investment, not rich people living there.
Though some rich people may use those properties as occasional pieds-a-terre when in NYC on business.
Could be they have inside information that nothing will pass or there will be kickbacks for the favored ones.
More powerful government leads to more corruption.
$10MM+ houses are likely just for tax deduction purposes. Doesn’t matter if the value goes up or down.
This is very true.
For awhile I was dating a woman from Russia and the perks of being part of the ruling class were huge.
Free education, assisted living, paid retirement at 55 and none of them seemed to be lacking.
its a tax surcharge that starts at 0.5% and may scale up to around 4%
a 5 million dollar home pays a 25,000 surcharge
the top surcharge would apply to 25 million dollar homes, that would be 1 million dollars
the truth is that people that can afford these prices can cover the surcharge
there would be a reduction in the number of wealthy buyers, but there are so many buyers out there that the homes will still be sold
they haven’t reached the level of killing the golden goose yet
Listen, I know Mamdani is a loser, but I was born, raised, and educated in the Big Town, and if it survived Lindsay, Beame, and General Dinkins, it will be fine even if Mamdani is in Gracie Mansion or wherever he hangs out.
That’s how communism works. It eliminates the middle class so you only have rich and poor. The rich are those with power.
Free and fair markets (capitalism) are like separation of political power and financial power, separation of commerce and state.
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