A Look At What’s In Store For 2024 Luxury Real Estate
New York City real estate is always a hot topic of conversation, from the newest buildings and market trends to the impact of price fluctuations and interest rates. Throughout my 25-plus year career, I have had the privilege of working with buyers and sellers, and a first question is always, “What’s next?”
Looking ahead to 2024, I believe that the luxury real estate market will continue to behave with a level of price sensitivity similar to what we experienced throughout 2023. While we did see deals cross the closing line, it was primarily cash-buyers who led the charge.
Buyers seeking financing generally remained on the sidelines, and sellers – with the exception of those who had to sell – were simply not willing to lower their prices to align with buyer expectations.
A decrease in interest rates, by even a half of a percentage point, will end the buyer/seller stalemate and be an immediate catalyst for market activity.
Number One Tip for Sellers and Buyers
Sellers who were rather anxious with the volatility of the 2023 market will view the 2024 market through a hopeful lens. To find success in the new year, sellers should think about their goals and properly price their property to match the efficiency of the market.
The patience that characterized buyers in 2023 is waning. My best advice, if you find something you love, act on it – don’t wait for the price to come down.
Return To Co-ops
Buyers are setting their sights on co-ops with an increased level of enthusiasm, interest, and appreciation. Lining Central Park and the city’s iconic avenues, many co-op buildings have thoughtfully reimagined common spaces, bolstered amenity offerings, and have opted for more flexible building policies to attract a new generation of buyers.
Cool Comforts
With higher temperatures and longer summer seasons, window units and through-the-wall air conditioning will no longer suffice. Luxury buyers have become accustomed to the cool comfort of central air conditioning. This priority is reflected in the market where we are seeing properties without central air priced as much 20% less than their multi-zoned counterparts. Additional amenities topping buyers’ must-have lists for 2024 will include functionality, in-building gyms, and the availability of additional storage.
About Lisa
Lisa K. Lippman is the #1 agent at Brown Harris Stevens, an honor that she has held for the past seven consecutive years. For more information about Lisa and the properties she represents, please visit https://www.bhsusa.com/real-estate-agent/lisa-lippman
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The 11th Floor of 485 Park Avenue is a magnificent 5,500 square foot full floor residence perched high over Park Avenue that offers a regal living room, corner library, oversized formal dining room, eat-in-kitchen, butler’s pantry, central air conditioning. Built in 1922, 485 Park Avenue is an exceptionally run full-service co-op that is pet friendly, has no summer work rules, and allows 25% financing.
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50 Central Park West, Apartment 8A/9A is a rare triple mint gilded age mansion in the sky that features 4-5 bedrooms, 5 full and 2 half bathrooms, a new gourmet open kitchen, multi zoned central air conditioning, soaring 11-foot ceilings, and 90 feet facing Central Park. Originally built in 1907, 50 Central Park West was restored with a gorgeous new lobby, elevators, and hallways. The full-service building offers private storage bins, a bike room, and a windowed well-equipped gym. A new state-of-the-art fitness center is also being added.
