L
uxury Real Estate Sees Surge After Election

    Last Wednesday, while many New Yorkers struggled to come to terms with the election results, luxury real estate shoppers seemed unfazed, signing 39 Manhattan contracts - the highest number since March. According to Donna Olshan, who tracks the Manhattan luxury market, this surge in sales is a common phenomenon.

    Elena Sarkissian, an associate broker at Douglas Elliman, reported almost $30 million in sales last week across her projects. This included four contracts at 108 Leonard, a Tribeca condo conversion with a 75-foot lap pool and black Calacatta marble bathrooms. All of the deals were made in cash, with prices ranging from $3.99 to $6.75 million.

    Jonathan Miller, an appraiser with Miller Samuel, analyzed 20 years of election-year sales data and found that there is often a post-election bump in luxury real estate sales. Sales tend to slow down before an election, then rebound after the outcome is known. This phenomenon occurs regardless of which party wins.

    For buyers who don't have to worry about interest rates, last week's election proved to be a catalyst for action. Sarkissian sold two condos at 200 East 20th Street and one at 201 East 74th, all to buyers seeking pied-à-terre properties. The top contracts of the week included a $15.9 million penthouse at 247 West 12th Street and a $15 million Greek Revival townhouse at 11 Bank Street.

    While some may attribute this surge in sales to Wall Street types celebrating their bonuses or anxiety buys among the one percent, Olshan remains cautious, saying "It was a really great week, but I'm not convinced it was a bellwether. We're in a really weird time."