The New Playbook for Selling Luxury Manhattan Real Estate
By Lisa K. Lippman, Brown Harris Stevens
Today's buyers are more informed, deliberate, and patient than ever before. Although uncertainty surrounding interest rates and the broader economy has also made some buyers more cautious, demand for well-priced and well-positioned homes remains remarkably resilient. The key difference is that buyers expect value and a property that feels ready from day one.
As we move into the second half of the year, sellers who prepare strategically will continue to outperform those who rely on yesterday’s market conditions.
So what should sellers keep in mind before listing?
Pricing Requires Precision. Particularly in the $5 million-plus condo and co-op market, sellers need to understand how factors like the new pied-à-terre tax and today's financing environment are influencing buyer behavior before determining pricing.
Inventory Remains Constrained. Looking ahead to the fall, limited supply should continue to support well-priced properties and award sellers who prepare the home for a best first impression.
The Co-op Renaissance Continues. Buyers continue to rediscover the value of co-ops, attracted by prime locations, lower monthly carrying costs, and increasingly flexible board policies, including higher financing allowances and greater acceptance of purchases through trusts. For many, co-ops now represent one of Manhattan's strongest values.
Move-In Ready Commands a Premium. Buyers continue to prioritize turnkey homes, with central air now considered a must-have in the luxury market. For properties above $5 million, central air is even more of a “must have” and for all properties, central air can increase value by as much as 20%, making it worthwhile for sellers to explore whether installation is feasible before listing- not to actually install it, but to have the necessary information available to buyers.
Amenities Can Tip the Scale. Storage and building gyms remain at the top of buyers' wish lists, often serving as deciding factors between otherwise comparable properties.
Lisa K. Lippman is the consistent #1 agent at Brown Harris Stevens. With over 29 years of leading industry experience, Lisa’s depth of expertise, marketing savvy, and personal attention to every detail is sought out by buyers and sellers of high-end cooperatives, condominiums, and townhomes throughout Manhattan.
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From renewed competition in some neighborhoods to greater leverage in others, fall is exposing just how divided New York’s real estate market has become.