The Wall Street Journal reported that Manhattan's luxury real estate market is showing signs of recovery after a dull activity during the first few months of this year. Last month was the second-best June for contracts signed after 2006. The report attributed the turnaround in luxury market activity to a recovery in the stock market and diminishing fears of a recession among New Yorkers. - Luxury transactions in the first half of this year surpassed pre-pandemic figures. However, they are lower than the numbers seen in 2021 and 2022.
- According to broker Lisa Chajet, affluent buyers want to seize the opportunity and re-enter the market before prices begin to increase again.
- Manhattan's luxury market is seeing a resurgence at a time when sales are down in the national luxury market and is slower than non-luxury sales.
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