"The luxury market now is very undersupplied and extremely busy. More wealthy people are nervous about the stock market and volatility, wanting to put their money into hard assets."
"Real estate is a hard asset, and because of the general safety and stability of New York, a New York apartment or house seems like a pretty good option."
"We have a serious supply problem for things at the high end, up at the top of the market that are renovated. A lot of clients want to move but don’t want to renovate."
"Ultra-wealthy owners are collecting real estate as opposed to selling one property and reintroducing another to the market."
The luxury real estate market is experiencing a significant undersupply, with heightened activity as wealthy individuals seek hard assets due to stock market volatility. Families are relocating from Dubai to New York, driven by a desire for stability. Despite positive demand signals in the high-end market, new listings in the multi-family luxury segment have dropped significantly. There is a serious supply problem for renovated properties, as ultra-wealthy owners prefer to collect real estate rather than sell. Clients are looking for larger homes without the need for renovations.
Read at www.housingwire.com
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