Last week there were 10 contracts signed at $10 million or above according to the Olshan Report. This is the highest total of the year. So is now the time to jump in the market considering many luxury Manhattan apartments have seen their original asking price chopped?

Manhattan market downturns do not last long at least of late. So where is the bottom? Well that is like trying to pick or guess what the Stock market will do next. What we do know is that the amount of permits pulled and amount of luxury properties that are in the pipeline has diminished tremendously and will continue to do so over the next couple years. This will give the current glut of luxury properties a chance to be absorbed into the market. Developers who can sit on their sites will do so and those who can not, will sell or lose them to the next guy. Financing is very difficult now for new construction developments and EB-5 visas is not the panacea that it once was due to pending reform.

Now can be the right time to negotiate a prime Manhattan luxury property but you need to do an analysis of the price per square foot as well as what the neighborhood has to offer. Sellers’ expectations are coming down to reality so if you can find a luxury property and negotiate a fair market price, now may very well be the best time to purchase.