In considering those with high net wealth, we often think about the owners of luxury real estate, but not the people who make their (potentially sizeable) living helping them buy it. So this week, we’re delighted to welcome back HBG Senior Researcher Kelly Labrecque to share her deep knowledge and clear enthusiasm about researching real estate “Super Brokers.” ~Helen
In the world of luxury residential real estate, there is an elite group of men and women who represent some of the most exclusive listings and clientele. These top brokers, also known as “super brokers,” close deals worth hundreds of millions of dollars each year.
You can find super brokers all over the world, but with shows like Bravo’s “Million Dollar Listing” and HGTV’s “Selling New York,” we have become most familiar with those in markets like Beverly Hills, Palm Beach, and New York City.
Since I have a particular fascination with real estate in Manhattan, I thought I’d share a few interesting facts about that market and its super brokers.
(Of course) Manhattan is expensive!
The average cost of an apartment in Manhattan is now just over $2 million.
Despite declining sales and increased marketing time, Douglas Elliman, the nation’s fourth largest real estate company, reported that the Manhattan residential real estate market experienced both higher prices and increased inventory in the third quarter of 2016 (July through September). In addition, there has been a surge in new development over the last year resulting in some astronomical sales prices.
For example, in September, the New York Times featured the sale of a full-floor penthouse at 432 Park Avenue for an astounding $87.66 million! Eight additional units in the building sold that same month, ranging in price from $18.98 million to $43.3 million.
And let’s not forget the record-breaking sales that closed in 2015 at One57 consisting of a duplex penthouse purchased by an anonymous buyer for $100.4 million and the “Winter Garden” duplex purchased by billionaire Bill Ackman and his associates for $91.5 million.
So what does that mean for super brokers? [Read more…]