Manhattan Luxury Report, Week of July 19

Summer? Mamdami? Taxes? Nothing seems to put the brakes on the Manhattan luxury market. Nine contracts for homes priced $5M+ were signed last week. Yes, that's down from twenty the previous week, but surprisingly robust for this time of year - especially given that fewer homes in that price range are on the market.

Typically luxury homes take longer to go into contract than less expensive ones. The pool of buyers is smaller, and they feel they have more time to negotiate. Still, the contracts are being signed; demonstrating that concerns about the health of this market sector have been vastly overblown.

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