Are Receding Luxury Tide Waters Lowering All Boats?

Is luxury property waning in New York? Well, at least it appears that as the prices of luxury properties have come back a little post-pandemic – when the luxury prices rose with need for increased space – that trickle down effect is happening to other real estate.

On the flip side the increases in price seemed to raise prices overall but now the reverse appears to be in the making and a leveling off settling in in New York. If the luxury properties are no longer on a steep upward trajectory those properties below them can no longer ride those coattails.