Noble Black on Luxury Housing Market Trends in New York and The Hamptons

Housing Market Sentiment

• 💡 Noble Black reports very positive sentiment among high-end clients, with their behavior not yet affected by general headlines.
• ⚠️ While there's nervousness among buyers below the $2-3 million mark, the high-end market (above $5 million and $10 million) has shown the most bullish activity.

Shifting Market Dynamics

• 🗓️ The traditional real estate calendar, once tied to bonuses, is no longer a strict driver, with buyers now coming from diverse sectors like Tech in addition to Finance.
• 📈 Buyers are observing market trends, feeling positive about the next 12-24 months, anticipating gradual price increases and stable rates.

Buyer Demographics and Demand

• 🌍 Foreign buyers are returning to the market, viewing it as a safe haven, with increased presence from the Middle East and China compared to recent years.
• 🔑 The luxury market in New York and The Hamptons is experiencing strong demand, particularly for high-end properties.

Supply and Absorption

• 🏠 In New York, there is a significant undersupply of high-end properties, with new luxury buildings launching to high prices (e.g., $6,000 per square foot) being absorbed quickly.
• 💰 A recent downtown deal of $60 million set a record, indicating continued demand for quality product in the luxury segment.