by Wolf Richter
“It was more drama than any market could withstand as Manhattan sellers started slashing prices.”
The luxury housing market in Manhattan didn’t quite descent to the levels seen after the Lehman Brothers blowup, but close, and it totally wiped out the euphoria that had reigned from 2013 into 2015 when some of the most glorious mind-bending global-headline-grabbing deals were signed and touted.
Sales of Manhattan condos, co-ops, and townhouses, in terms of signed contracts, with prices of $4 million or more plunged by 31% in 2020, from 2019, to just 645 contracts signed, according to data by Olshan Realty. This was the lowest number of contracts signed since 2011, after having already dropped by 16% in 2019, by 5% in 2018, and by 18% in 2016 – with a 6% false-hope uptick in between in 2017. The Pandemic, which had pulled the rug out from under the market in the spring, just accelerated the process: