"Is this the start of a more persistent slowdown, or merely the market catching its breath after several extraordinary years? Viewed in isolation, a quarter-on-quarter drop can look dramatic. But super-prime markets do not behave like the mainstream. They are thinner, more volatile and they move with global wealth creation rather than domestic wage growth. Our tracking shows that, even with the Q3 slowdown, activity remains well above pre-pandemic norms."
"From my vantage point looking across markets, three things are clear about New York. First, this is not a demand problem. The buyer pool for high-quality, well-located New York stock remains remarkably deep. Wall Street, not City Hall, sets the tone. Compensation in the financial industry has been running at or near record levels, and that income flows directly into the super-prime market. Policy risk is being watched, but not yet biting."
Global super-prime residential markets recorded 474 sales worth $8.5 billion in Q3, down 21% in volume and 29% in value from Q2. Super-prime markets are thinner and more volatile than mainstream housing and follow global wealth creation rather than domestic wage growth. Even after the Q3 slowdown, activity remains well above pre-pandemic norms. Cooling across markets is uneven, with some cities consolidating while others continue to expand. New York recorded 74 sales above $10 million, down from 120 in Q2 but still at a high activity level. High financial-industry compensation sustains deep demand in New York, while policy risk is being observed but has not yet reduced buying.
Read at www.housingwire.com
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