Posted by Leonard Steinberg on January 14th, 2013

It’s official:  the luxury real estate market in New York has turned and it is now officially a SELLER’S MARKET. After attending and holding several open houses yesterday, with activity levels not seen in years, there is no doubt in my mind that there are far more buyers than there are sellers right now.

Several buyers I had spoken to said they had been looking for over 1 year already……their optimism for finding a bargain, let alone the perfect home, was fading. Several mentioned how they had raised their budgets only to be further disappointed. I guess many buyers are like serial daters: always looking for perfection, but scared of committing to something just in case something better comes along…..

Additional indicators are that properties listed last year where there were tepid or no offers are now being met with multiple offers. I do not see pricing soaring, but it is very possible we could see the average price of luxury properties in Manhattan escalate between five and ten percent in 2013. Some may exceed this where there is very limited supply.

Many buyers will feel additional frustration when they discover the only apartments they like include an 12-24 month wait…..then again, they may have no options.