Luxury Home Sales Surge in NYC Post-Election: Predictions of Wealth Exodus Unfounded
Contrary to initial concerns, New York City’s luxury real estate market is booming, defying predictions of an exodus of wealthy residents. Signed contracts for Manhattan homes over $4 million saw significant increases in November, according to data from Douglas Elliman and Miller Samuel. This surge in high-end sales contradicts the narrative of wealthy individuals fleeing due to the potential election of a socialist mayor, as indicated by real estate leaders. Jonathan Miller, president and CEO of Miller Samuel, cites strong Wall Street bonuses as a reason for wealthy buyers to come to or stay in New York.
John Q. Hosedrinker