Geoff from Christie’s International Real Estate explains that New York City’s property market behaves unlike the national market because it is made up of many sub-sectors—different boroughs, condos vs. co-ops, renovated vs. unrenovated units, and distinct neighborhood dynamics.
Recent data show strong demand, with NYC and Manhattan transactions up 10–11% as sellers price about 5% below peak levels. The environment favors properly priced listings and fast-moving all-cash buyers, particularly for fully renovated condos, while older co-ops require sharper pricing.
Geoff expects some volatility into the election period but stresses that long-term fundamentals remain solid because NYC real estate is driven by supply and demand, not politics, and continues attracting global buyers.
Luxury and ultra-luxury segments are thriving, fueled by a major resurgence of foreign capital—especially from Latin America—seeking dollar stability and safe-haven assets.
Overall, NYC is a mosaic market with healthy activity and increasing international interest.
