Across the Hamptons, Manhattan, and South Florida—the three $10 million plus alpha markets we follow—buyers acted with conviction, yielding the strongest opening quarter since the post-pandemic highs of 2021-22. As the impact of rapid-fire rate hikes fades and borrowing costs settle, sidelined capital is once again being deployed into property.
Of course, momentum has not been entirely linear. Trading has moved in brief pauses and spurts as headlines swing between optimism and caution. Still, genuine demand runs deep particularly as we are nearing the summer—especially above the $30 million mark—where the true bottleneck is a shortage of best-in-class inventory rather than hesitation to purchase.
In the Hamptons, 23 trades totaling $400 million set a five year first quarter high. Our team was privileged to guide several of the quarter’s headline sales, including Bespoke’s sale at 1320 Meadow Lane in Southampton—the largest land transaction of the period—and 266 Marine Boulevard in Amagansett. The common thread is clear: fully vetted, best-in-class inventory moved swiftly once presented, underscoring buyers’ renewed focus on certainty of outcome and time to use.
Manhattan, after two muted opening quarters, regained stride with 59 trades totaling $1 billion. Demand centered on amenity-rich condos and co-ops, and the Upper East Side stood out with a 91 percent jump in volume year-over-year, evidence that global capital continues to treat the borough as a long-term store of value. We expect momentum to build as additional turn-key inventory at the summit of new development towers reaches completion in the months ahead.
South Florida once again set the pace, recording 117 trades and $2.38 billion—more than double last year’s first quarter. Waterfront properties captured 51 percent of that volume and turn-key homes accounted for 85 percent of spending. Fisher Island epitomized the tone: we placed 6901 Fisher Island Drive into contract at a last ask of $42.5 million and launched the $85 million penthouse at 6802 Fisher Island, one of the few remaining true deep-water offerings in the region. When irreplaceable assets surface, capital remains ready.
Stepping back, three patterns define this market: a decisive preference for completed, immediate-use properties; a willingness to pay for irreplaceable waterfront and pedigreed urban locations; and a deep bench of global liquidity seeking geographic and tax diversification. The ultra-luxury segment is not immune to macro uncertainty, but it continues to trade on quality, scarcity, and speed.
As always, we appreciate your trust and look forward to guiding you through the year ahead.
Enjoy the report.
Michael Cantwell
Founding Partner and CMO
