New Year, New York

Jan 4

Dear Friends and Family,

Happy New Year! This year brings new beginnings, fresh starts and lots of exciting updates. It’s also a great time to reflect on all the amazing things we’ve accomplished in 2021 and see how they will propel us into an even better 2022!

2021 was an exceptionally strong year for New York real estate, and ended on an even stronger note. At nearly $7B, condo and co-op sales volume was the highest of any Q4 on record. Property in the city has traditionally been considered a sound investment, and the past few months of market correction from pandemic pricing prove that New York City is tough and will overcome most any hurdle. Check out the full Q4 market report below for more insights.

The performance of the luxury market was even more striking: we saw 1,993 contracts signed above $4M in 2021! Unsurprisingly, this was a huge rebound from 2020 numbers, but more significantly, it was DOUBLE the number of luxury sales from 2019. Check out the final TONItrends breakdown below.

After the vaccine was announced in November 2020, people started returning to the city en masse and the entire real estate market quickly rebounded. Another noteworthy trend from 2021 that helped to propel the luxury market in particular was a desire for more space, both indoors and outdoors. We saw a 5% increase in the average size of condos sold compared to the last 7 years, as well as an increased demand for large useable outdoor space, from townhome gardens to penthouse rooftops.

Compass is redefining real estate at all levels, but we’re particularly known as a leader in luxury marketing. For the second year in a row, the Compass Luxury Division is a part of the exclusive global Wealth-X Product Expert Board. Participation is by invitation only and Compass is the only brokerage that sits on this board. Compass's strong reach, coupled with my membership in REALM, the global luxury real estate partnership, means I am best poised to help you or your loved ones with the most exclusive deals anywhere in the world.

If your new year brings new (or renewed!) interest in real estate, please don't hesitate to reach out.

All the best,