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Posted on 04/03/2026 7:19:41 AM PDT by millenial4freedom
The weather might have been extreme this winter in Manhattan, but the snow didn’t stop deep-pocketed home buyers, according to a host of market reports released this week.
In the first quarter, demand for homes across the New York City borough priced between $10 million and $20 million jumped, with transactions surging 47.4% compared to the same time last year, according to data from Compass.
“Despite broader market slowdowns, the luxury market continued to outperform expectations,” the report, released Tuesday, said.
Townhouses in particular had a strong start to the year, according to Jonathan Miller, president and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm.
“Townhouses rebounded sharply,” Miller wrote in his firm’s Thursday report.
(Excerpt) Read more at mansionglobal.com ...
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People eager to pay lots more taxes, apparently.
They’ll be sorry!
I suspect its not “people,” rather its real-estate focused hedge funds and such
They look at rents vs. cost and think “its better than bond yields” so they buy it.
Just my opinion.
NOTHING LIKE EXPOSING YOURSELF TO SPECIAL TAXES......
I can see someone being stuck in NYC paying ever higher NYC taxes when they have a house they can not sell.
But clearly there are a lot of rich folk who are not worried about Mamdani and ever higher taxes, as buying a house is a clear commitment to living and tax paying in NYC.
Its the middle class who do not have the flexibility to move and yet get stuck with taxes they can little afford that will be suffering.
...and money laundering.
https://financialcrimeacademy.org/how-to-launder-money-through-real-estate/
An "overseas" korporate entity flush with illicit funds buys a property. Then a loan is taken against the property - voila; new legitimate money.
Rats rushing to board the Titanic...
Billionaires might not mind the additional taxes.
If you make several hundred thousand a year, you might not notice $10 specialty coffee drinks at Starbucks.
If you make several hundred million a year, you might not notice $10 million real estate prices and the taxes that go with it.
My read is that billionaires own multiple homes around the country and the world.
With the assistance of skilled tax attorneys they can easily avoid paying New York City income taxes by staying in the city for short periods of time.
Well, I don't get the strength in this market, but it it a pretty narrow niche.
I bet most are second homes. I would bet that most of them reside in tax-friendly states. If not, then you get what you voted for.
If this doesn’t make sense, look at it from the opposite perspective: This means lots of wealthy homeowners are LEAVING and SELLING their homes.
Each of those house sales was a millionaire seller packing up and moving somewhere else. I suspect that the buyers are mostly millionaires who are buying second homes in NYC while maintaining their primary residences in other states.
I wonder what percentage of the buyers are Chinese?
How many buyers were foreign?
They actually noted a decrease in supply on the market.
just what I was thinking. We sold an apartment building in California a couple years ago and every looker was from China...including the buyer.
I’m told by friends in Mclean Virginia that a high percentage of of homebuyers are PRC.
I wonder how many are sold to foreign Muslims? Especially with oil money.
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