"In the 60 days following Mayor Zohran Mamdani's November win, signed contracts for homes asking $4 million and above jumped more than 24 percent, while median listing discounts tightened to 6 percent from 6.5 percent."
"At the high end, New York remains a global asset class as much as a housing market. Trophy buyers aren't easily spooked by election headlines alone."
"Mamdani has floated a 9.5 percent property tax increase and broader reforms that could shift more of the burden onto luxury homeowners. That's the kind of concrete change that historically moves markets."
In the 60 days after Mayor Mamdani's election, signed contracts for luxury homes over $4 million rose by more than 24%. Median listing discounts decreased from 6.5% to 6%. Supply also fell by over 3%, indicating no panic selling. The market's strength is attributed to seasonality rather than political factors. High-end buyers are not easily deterred by election news, as evidenced by significant recent sales. However, potential future tax reforms could impact market dynamics, distinguishing between current stability and future challenges.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]