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s the first quarter drew to a close, New York City's real estate market emerged from its winter slumber with a roar, defying expectations of a downturn in the face of economic uncertainty. The city's reliably Democratic voters had braced themselves for a potential shift in the business landscape following President Trump's re-election, but instead, the market continued to thrive.

    In Manhattan and Brooklyn, residential sales remained strong, with an average of 30 deals per week in the $4 million-plus range, mostly comprising luxury condominiums. The allure of new condos remains potent, particularly as renovation costs have skyrocketed, making it increasingly difficult for buyers to find move-in ready properties at affordable prices.

    The market's dynamics are further complicated by neighborhood-specific trends. What sells well on the Lower East Side – tiny condos and trendy boutiques – would struggle to find a buyer on the Upper West Side. Conversely, spacious three-bedroom apartments that trade well in Tribeca and above 59th Street might languish on the East Village market.

    Harlem's sales have suffered declines over the past two years, while the Lower East Side has become a hotspot for young professionals and families seeking affordable housing options amidst a sea of pricey restaurants and boutiques. Inventory remains tight for move-in ready properties, but older condos and co-ops in need of renovation still offer attractive value to buyers willing to invest time and effort.

    The rental market, meanwhile, is as competitive as ever, with units disappearing within days of listing. This has led many would-be renters to become buyers, seeking long-term stability in a city where the cost of renting continues to rise.

    Despite several high-profile sales at record prices, the market's overall trend remains one of stabilization rather than growth. While year-over-year gains may not return anytime soon, a stable real estate market presents opportunities for cautious buyers to make informed decisions and secure properties that will hold their value for years to come.