Fantasy exits the Downtown luxury market

Asking prices in the Downtown luxury market have been “adjusted to more realistic levels” and new inventory is being absorbed again, according to the latest monthly Luxury Letter from Prudential Douglas Elliman brokers Leonard Steinberg and Herv Senequier. The duo said in their letter that the luxury market Downtown had normalized in October, a reality that could ultimately benefit buyers.

“Yes,” the letter, released Wednesday, read, “this is an opportunity for buyers to negotiate a little, and actually get what they like without a bidding war. More importantly, it is a time where those sellers who are realistic about pricing will actually make a sale… Fantasy and reality are now officially separated, the first indicators of a NORMAL MARKET.”