Manhattan Real Estate Slows After Years of Record Activity
Manhattan’s housing market sharply downshifted in 2018, especially at the high end and in new development, as rising inventory and other factors kept homes on the market longer and forced more sellers to readjust both prices and expectations.
But while brokers, developers and industry observers forecast more of the same for 2019, they aren’t too concerned. The overall market remains healthy, they say, as does the local economy.
“The word of the year is reset,” said Jonathan J. Miller, who runs the Miller Samuel appraisal firm in Manhattan. The past year was more of a “normalization of the market,” he said, after record activity in recent years, highlighted by New York City’s single most expensive closing (for now), in early 2015: a $100.5 million penthouse at the pinnacle of the One57 skyscraper.
Pamela Liebman, the chief executive of the Corcoran Group, agreed with that assessment. “Since 2009, the market has gone on a very aggressive ride, and I think it’s normal that we see a bit of a slowdown.”