Super-Prime Real Estate in New York and Florida Has Hit a Wall
A new report analyzing $10 million-plus sales in New York and South Florida showed signed contracts plummeting in 2022.
The skyline of Miami, which has seen a major slowdown in super-prime residential sales.
Photographer: Matteo Colombo/Moment RFIn the last half of 2022 the market for homes priced at $10 million and more fell precipitously in New York and South Florida, according to a new report from the brokerage Serhant. “The second half of the year was more affected at the super-prime level than most people initially believed,” says Garrett Derderian, Serhant’s director of market intelligence. “The big takeaway is that this year the market is going to slow considerably, and it could be one of the slowest years in the super-prime market in the last decade.”
The report analyzed $10 million-plus sales and signed contracts in Palm Beach, Miami, New York and the Hamptons. While it was already clear that last year’s market success was largely a holdover from 2021’s banner year, the Serhant report emphasizes just how far, and how fast, demand has fallen for super-luxury properties in some of the wealthiest parts of the country.