We’ve seen historically low interest rates, dipping below 2.5%, that were hiked all the way up to 8% in matters of months. We’ve seen everything from bank runs in early 2023 to five new trillion-dollar stocks later that year. Amid what could be described as a rollercoaster of macroeconomic conditions over the last four years, the ultra-luxury alpha market remained somewhat insulated in 2024, but not entirely unphased. Q4 closed with an optimistic outlook on economic policy, and at Bespoke we’ve seen renewed confidence in key segments within the alpha market.

Bespoke played a major role in the strength of Hamptons trades over the past year. The Hamptons saw a 34% increase in $10M+ trade quantity from 62 to 83 trades, with Bespoke representing eight of the ten $20 million+ properties that sold, including the $79 million sale of 366 and 376 Gin Lane and the $49 million sale of Topping Farm. Additionally, the $10-$20 million segment experienced significant growth, particularly in the second quarter, with volume increasing 264% year-over-year compared to Q2 2023, as buyers focused on turn-key and inland properties that offered immediate value and accessibility.

In Manhattan, the 2024 market also had a strong close, where Q4 dollar volume increased by 30% compared to Q4 2023, with 50 trades in Q4 2023 and 65 in Q4 2024. New development properties led the way, with dollar volume surging 448% in Q4, from $86 million to $473 million, driven by cash buyers investing in their homes at the close, rather than after the sale. Neighborhoods like Midtown West also saw robust performance, with sales volume increasing 82% year-over-year, $757 million in 2023 to nearly $1.4 billion in 2024.

It’s been great to see the continued dominance of South Florida, particularly with Bespoke at the forefront of major transactions in the region. In 2024 we facilitated the record-breaking $132 million sale of 18 La Gorce Circle, the most expensive trade in Miami in 2024. The region saw a 47% increase in trade quantity and a 44% rise in dollar volume year-over-year, from $4 billion in 2023 to $5.9 billion in 2024, fueled by strong demand for waterfront and turn-key properties, as waterfront trades rose by 73% from 101 in 2023 to 175 in 2024. We continue to point out the boom and continuing maturation of the market; in 2019, South Florida had barely reached $1 billion in $10 million+ sales.

Across all three markets, Bespoke’s ability to connect sellers with qualified buyers contributed to the resilience of the ultra-luxury sector, despite high interest rates. As pricing stabilized and market sentiment improved throughout the year, Q4’s strong performance signaled a promising outlook for 2025.


Enjoy the report.
Michael Cantwell
Founding Partner and CMO