Despite being among the slowest quarters since early 2020 in terms of raw trade numbers, the markets in Manhattan, the Hamptons, and South Florida revealed signs of resilience and adaptability, suggesting a strong rest of the year is on the horizon. In fact, we expect to see among the biggest annual averages, particularly in Q2, since before Covid.

Primarily, that is due to the significant number of properties in contract across all three markets relative to the actual amount sold. While the first quarter transacted 13 $10 million+ properties in the Hamptons, there were 17 in contract by the end of the first quarter. In Manhattan, the quarter ended with more trades in contract than sold, with 47 trades closed, and 71 in contract.

Another notable trend was shifting buyer preferences in property types. In Manhattan, Midtown East, historically one of the lowest performing neighborhoods by volume and quantity, led the city in growth of trade volume compared to the same time last year, with a 305% increase from $24 million in Q1 2023 to $97 million in Q1 2024. In the Hamptons and South Florida, demand for inland properties grew more than any other segment, and particularly in the Hamptons, the promise of lesser inland development with the sale of Topping Farm drove up inland value in the Hamptons. Facilitated by Bespoke, the Peconic Land Trust purchased the 27.3 acre land with the intent to preserve it, ensuring natural landscapes in the Hamptons. In South Florida, a market which only had 99 $10 million+ trades for the entire year of 2019, saw 67 trades in Q1 2024 alone, a 31% jump from the same time last year. Notably, the growth of the inland segment suggests a market that will sustainably remain as an alpha market on a go-forward.

South Florida’s maturation is also bolstered by the fact that it was the only market to record an increase in trades in Q1 2024 compared to 2023, with a 30% rise in the number of transactions. The record-breaking in-contract sale facilitated by Bespoke at 18 La Gorce Circle, with a last asking price of $132 million, highlighted Bespoke's leading role in facilitating high-end trades. This was the third $100M+ transaction we handled in as many years, reinforcing our position as the premier experts in the alpha market space.

Our unique perspective gives us a pulse on buyer sentiment, and we believe that patient money that has been waiting on the sidelines over the last two years is, ultimately, growing impatient. The increase in the number of showings we’ve given is the best sign of this.

So as we move through 2024, I'm optimistic about what lies ahead. We look forward to guiding you through the rest of the year.

Hope you enjoy.
Michael Cantwell
Founding Partner and CMO of Bespoke Real Estate