Press

New York City’s moneyed elite circled the luxury real estate market the past couple of years, waiting for the right moment to splurge. That time has come.

“There was a combination of market forces that were so powerful, they woke the market up from its slumber, with buyers sprinting from the sidelines,” said Kelly Mack, president of brokerage Corcoran

Sunshine Marketing Group.

The market has started to tilt in buyers’ favor. Prices have eased, some new developments are giving shoppers options, and borrowing costs have started to stabilize, even if they remain high.

For now, it’s bringing life back into the luxury market. A West Village townhouse that had been listed for a year was suddenly embroiled in a bidding war by November, according to Compass agent Jim St. André. Sales rooms at three new condo projects built by developer Naftali Group have been bustling with appointments, even on Election Day...