The Turkey Day Effect: How Thanksgiving Shapes New York City’s Real Estate Market

The aroma of roasting turkey and pumpkin pie typically signals family gatherings and football games, but in New York City‘s cutthroat real estate market, Thanksgiving represents something entirely different: a pivotal moment in the annual real estate cycle that savvy investors and homebuyers increasingly leverage to their advantage.

Market Dynamics During the Holiday Lull

The period from November through January has historically been the quietest in New York City’s real estate calendar. According to data from the Real Estate Board of New York (REBNY), transaction volumes typically drop 30-40% during Thanksgiving week compared to October averages, creating what industry insiders call the “Turkey Day Dip.”

However, this temporary market slowdown masks a more nuanced reality. Properties listed during the Thanksgiving period tend to stay on the market 15% longer than those listed in September or October, but they also sell at an average 7% discount compared to peak season prices. This phenomenon has created opportunities for strategic buyers who specifically target this period for negotiations.

The Psychology of Holiday Selling

The holiday season introduces unique factors into real estate transactions. Sellers who maintain their listings during Thanksgiving often have compelling reasons to close before year-end, whether for tax purposes or relocation deadlines. This motivation, combined with reduced competition from other buyers, creates distinct advantages for those willing to house-hunt between turkey dinners.

In 2023, properties that went into contract during Thanksgiving week in Manhattan averaged a 5.8% deeper discount compared to similar properties sold during peak seasons. This pattern suggests a clear opportunity for buyers willing to dedicate part of their holiday season to real estate hunting.

The Luxury Market Exception

The ultra-luxury segment (properties above $10 million) operates under different rules. While overall market activity dips during Thanksgiving, transactions for properties above $10 million have shown a counter-cyclical trend over the past three years, with a 12% increase in showings during holiday weeks. The privacy afforded by the quiet period appears to appeal to high-net-worth buyers who prefer to conduct transactions away from the spotlight.

Strategic Implications for Buyers and Sellers

For buyers:

  • Consider scheduling viewings immediately before or after Thanksgiving when competition is minimal
  • Leverage the holiday timing in price negotiations
  • Be prepared for faster decision-making as motivated sellers may want to close before year-end

For sellers:

  • If possible, avoid listing immediately before Thanksgiving unless motivated to sell quickly
  • Consider strategic price adjustments before the holiday period to attract serious buyers
  • Invest in holiday-appropriate staging to create emotional appeal

Looking Ahead: The Post-Pandemic Shift

The pandemic has reshaped many real estate traditions, including holiday market dynamics. Remote work has made buyers more flexible about viewing times, and virtual tours have reduced the impact of holiday-related showing restrictions. The traditional rules about holiday slowdowns are evolving, with seasonal patterns showing less pronounced variations than in previous years.

Despite these changes, Thanksgiving remains a unique window in New York’s real estate calendar. For those willing to mix property viewings with their holiday plans, it continues to offer opportunities that can be as sweet as pumpkin pie – and potentially more rewarding for their investment portfolio.

Market Metrics: Thanksgiving Week vs. Annual Averages

  • Average days on market: +15%
  • Listing price reductions: +8.3%
  • Buyer competition (measured by multiple bid scenarios): -45%
  • Successful price negotiations: +7.2%

The Bottom Line

While most New Yorkers focus on parade routes and dinner reservations during Thanksgiving week, real estate professionals recognize this period as one of unique opportunity. Whether this holiday season brings a surge or slowdown to the real estate market remains to be seen, but the data suggests that serious buyers and sellers can find distinctive advantages during the Thanksgiving lull.

Tuscany’s Luxury Hotel Market Sees 24% Growth, New WCG Analysis Reveals

World Capital Group (WCG) is set to unveil groundbreaking research on Tuscany’s hospitality sector at the upcoming BTO 2024 – Be Travel Onlife event in Florence. The analysis reveals a remarkable transformation in the region’s hotel industry, particularly in the luxury segment, despite overall market contractions.

According to WCG’s Research Department’s findings, Tuscany commands a significant 8.23% of Italy’s hotel real estate portfolio, representing 7.65% of the country’s total room capacity. The region’s luxury segment maintains a robust presence, with upscale properties (4 and 5-star hotels) accounting for over 25% of establishments, slightly above the national average of 24%.

Florence Leads Luxury Market Transformation

The capital city emerges as the powerhouse of Tuscany’s luxury hospitality sector, controlling 39% of upscale properties and an impressive 66% of premium rooms. These figures align with metrics observed in Italy’s other major metropolitan markets, as documented by WCG’s research team.

The past five years have witnessed contrasting trends across market segments. While Italy’s overall hotel inventory decreased by 3% (with room numbers remaining stable), Tuscany experienced more pronounced declines: a 6.44% reduction in properties and a 15.39% drop in room inventory.

However, the luxury segment tells a different story. Tuscany’s upscale sector recorded remarkable 24% growth in both properties and rooms. Florence particularly exemplified this trend with a 25% increase across both metrics in the luxury segment, while mid-scale and economy segments contracted due to widespread property upgrades.

Florence’s Hotel Real Estate: A €4.2 Billion Market

WCG’s Research Department values Florence’s hotel real estate portfolio at over €4.2 billion, with the luxury segment accounting for €3.6 billion (85%) of the total. The ownership landscape reveals interesting patterns:

  • Hotel operators control 46% of properties
  • Local investors own 40%
  • Financed assets represent 6%
  • Public entities hold 5%
  • Institutional investors maintain 3% of properties but control 7% of total rooms

“Tuscany’s hospitality real estate market represents a unique fusion of tradition and innovation,” says Gabriele Fiumara, WCG’s Real Estate Consultant for Hospitality. “The region’s extraordinary cultural and natural heritage continues to attract both domestic and international investors, driven by growing demand for high-end accommodations.”

Fiumara will present these findings at BTO 2024, scheduled for November 27-28 at Florence’s Stazione Leopolda. He will join industry leaders including Barbara Casillo, General Manager of the Italian Hotel Industry Association (Confindustria Alberghi), and Francesco Bechi, President of Federalberghi Florence, in a panel discussion focused on tourism development and investment attraction in Tuscany.

New York City Real Estate Market Shifts as SoHo Claims Top Spot, Brooklyn Gains Ground

New York City’s real estate landscape underwent notable changes in Q3 2024, with SoHo emerging as the city’s most expensive neighborhood for the first time since 2016. The market showed moderate growth, with citywide median sale prices rising 3% year-over-year to $770,000 and transaction volume increasing 6% to 7,925 deals.

Hudson Yards’ Notable Absence

The quarter’s most significant development was Hudson Yards’ absence from the rankings, recording just four residential sales—insufficient to meet the minimum threshold for price analysis. This marks the neighborhood’s first exclusion since Q2 2020, during the pandemic’s early stages.

SoHo and TriBeCa Lead the Pack

Despite an 8% year-over-year price decline, SoHo secured the top position with a $4.25 million median sale price. TriBeCa followed at $3.9 million, benefiting from a dramatic 55% price surge, though sales volume dropped 36% year-over-year due to decreased co-op transactions.

Brooklyn’s Rising Influence

Brooklyn achieved a milestone by placing 23 neighborhoods among NYC’s 50 most expensive—surpassing Manhattan for the first time since Q2 2021. Three Brooklyn neighborhoods ranked in the top 10:

  • Cobble Hill (#4) at $1.84 million
  • DUMBO (#8) at $1.67 million
  • Carroll Gardens (#9) at $1.63 million

The borough also dominated sales growth, with Greenpoint leading the charge as transactions more than doubled year-over-year, largely driven by The Huron development’s 25 unit sales.

Queens Shows Strong Momentum

Queens demonstrated remarkable growth, placing 11 neighborhoods in the top 50. Hollis Hills recorded the city’s sharpest price increase at 125% year-over-year, reaching $966,000. This surge stemmed from a shift toward single-family home sales, which represented 10 of 17 total transactions.

Hunters Point led Queens’ luxury market as the borough’s only representative in the top 20, securing the #20 position with a $1.21 million median sale price.

Market Implications

The third quarter’s shifts suggest evolving buyer preferences and market dynamics:

  • Price growth remains moderate but steady
  • Brooklyn’s ascendance indicates strong demand for its residential offerings
  • Luxury market resilience continues despite economic headwinds
  • New development sales significantly influence neighborhood rankings

With Hudson Yards’ temporary exit and SoHo’s resurgence, Q3 2024 marks a potential inflection point in New York City’s luxury real estate landscape. As the market adapts to changing conditions, the interplay between Manhattan’s established luxury corridors and Brooklyn’s rising prominence promises to shape future trends.

Richard Tayar

Milan Surpasses New York in Global Luxury Retail: Via Montenapoleone vs Fifth Avenue

In a historic shift that has reshaped the global luxury retail landscape, Milan’s Via Montenapoleone has achieved what was once considered improbable: dethroning New York’s Fifth Avenue as the world’s most expensive shopping street. This milestone, documented in Cushman & Wakefield’s 34th edition of “Main Streets Across the World” report, marks the first time a European location has claimed the top position in the global rankings.

The transformation of Via Montenapoleone reflects Milan’s broader evolution into a global luxury powerhouse. With annual rents reaching €20,000 per square meter, representing an impressive 11% year-over-year growth and a remarkable 30% increase over two years, the street has become the crown jewel of global luxury retail. In contrast, Fifth Avenue’s rental rates have remained stable at €19,537 per square meter over the past two years, suggesting a mature market that has reached a plateau.

What makes Via Montenapoleone’s ascendancy particularly fascinating is the unique character of Milan’s luxury district. Unlike the sprawling retail landscapes of other global cities, Milan’s luxury quarter is remarkably concentrated. The street’s premium positioning is enhanced by its strategic location within the Quadrilatero, particularly the coveted area between Via Verri and Via Sant’Andrea. This concentration has created an unprecedented density of luxury brands, fostering an atmosphere of exclusivity and sophistication that has become increasingly attractive to global retailers.

New York’s Fifth Avenue, while surrendering its top position, remains an iconic symbol of luxury retail. Its broader geographic spread and diverse retail mix have long been part of its appeal, offering brands exposure to a wide range of affluent consumers and tourists. The stability of its rental rates speaks to the street’s enduring appeal and established position in the global luxury market.

The contrasting characteristics of these two luxury destinations reflect broader trends in global retail. Milan’s rise exemplifies the growing importance of concentrated, highly curated luxury experiences. The city has successfully leveraged its heritage in fashion and design to create a compelling proposition for luxury brands. Thomas Casolo, Head of Retail Italy at Cushman & Wakefield, notes that “Milan has become a global brand synonymous with luxury,” highlighting how the city’s focused approach has paid dividends.

This shift in the luxury retail hierarchy presents both opportunities and challenges. For Milan, the key challenge, as noted by Joachim Sandberg, CEO of Cushman & Wakefield Italia, lies in transforming this achievement into tangible value for the broader community. The city must balance its luxury appeal with sustainable development that benefits all stakeholders.

Fifth Avenue’s response to this changed landscape will be equally telling. New York’s resilience and ability to reinvent itself have been proven throughout history, and this new challenge may spark innovative approaches to luxury retail in one of the world’s most famous shopping destinations.

The competition between these two iconic streets reflects more than just commercial real estate values; it represents a shifting global luxury landscape where European sophistication and concentrated excellence have, for the moment, edged out American scale and diversity. As both locations continue to evolve, their approaches to maintaining and enhancing their luxury appeal will offer valuable insights into the future of high-end retail.

Miami real estate

Miami’s Next Real Estate Boom: Why Savvy Investors Are Eyeing 2025-2026

The Miami skyline tells a story of transformation, but beneath the glittering facade lies an overlooked opportunity that sophisticated investors are quietly positioning themselves to capture. As the dust settles from the post-pandemic surge, a perfect storm of market conditions is brewing for 2025-2026.

The Hidden Supply Crisis in Luxury Rentals

While headlines focus on Miami’s luxury condo market, a more compelling narrative is unfolding in the high-end rental sector. Brickell, Miami’s financial nerve center, hasn’t welcomed a new market-rate apartment development since 2019. This supply drought, combined with soaring office occupancy rates and expanding financial sector presence, creates a unique arbitrage opportunity for institutional investors.

Follow the Money: Financial Giants Double Down

JP Morgan’s recent decision to double its Brickell footprint isn’t just another corporate expansion – it’s a harbinger of a larger shift. When Paul Singer’s Elliott Investment Management commits $443 million to acquire 701 Brickell, it signals something bigger than just a real estate play. These moves suggest a longer-term bet on Miami’s evolution into a serious financial hub, one that will require sophisticated housing solutions for a growing professional class.

The Demographics Don’t Lie

The numbers paint a compelling picture: Brickell’s $185,585 mean household income isn’t just a statistic – it represents a fundamental shift in Miami’s tenant base. This isn’t the Miami of vacation homes and retirees; it’s increasingly the domain of high-earning professionals seeking quality rental housing. With private-sector job growth outpacing the national average by 107%, the demand pressure on luxury rentals is set to intensify.

Smart Money’s New Playbook

Institutional investors like Empira Group, with €9 billion in assets under management, are already executing on this thesis. Their focus on Class A multifamily developments in premium locations suggests a sophisticated understanding of where the market is headed. The key insight: Miami’s luxury rental market isn’t just about housing – it’s about lifestyle infrastructure for a new generation of high-income professionals.

Why 2025-2026 Matters

As interest rates normalize and construction costs stabilize, the window for optimal market entry is approaching. But the real opportunity isn’t just about timing the market – it’s about positioning for a fundamental shift in Miami’s real estate landscape. The convergence of limited new supply, strong demographic trends, and institutional capital flows suggests a market primed for sophisticated investors who can execute on complex, large-scale residential projects.

The Bottom Line

For investors seeking alpha in real estate, Miami’s 2025-2026 window presents a rare opportunity to capitalize on a market inefficiency. While others chase headlines in the condo market, smart money is quietly assembling positions in the luxury rental sector, betting on a fundamental transformation of Miami’s real estate landscape.

As one prominent developer recently noted off the record, “Miami’s next chapter isn’t about selling dreams to tourists – it’s about building infrastructure for global finance.” For investors who can read between the lines, that might be the most valuable insight of all.

Manhattan immobiliare

New York City Council Passes Landmark Law Shifting Broker Fees from Tenants to Landlords

The New York City Council passed groundbreaking legislation Wednesday requiring landlords, not tenants, to pay real estate broker fees. The Fairness in Apartment Rental Expenses (F.A.R.E.) Act passed with a veto-proof majority of 42-51 votes.

The law establishes a simple principle: whoever hires the broker must pay their fee. This marks a significant shift from New York’s unique system where tenants typically pay broker fees amounting to 12-15% of annual rent, despite landlords hiring the brokers.

“What other industry exists where someone else orders something, and then someone else has to pay for it?” said Councilmember Chi Ossé, who introduced the legislation. The new law aims to reduce upfront costs for renters, who currently often need around $10,000 to secure a one-bedroom apartment when combining broker fees, first month’s rent, and security deposits.

Council Member Chris Marte praised the legislation as “monumental,” suggesting it breaks the brokers’ monopolistic control over housing accessibility.

Industry Pushback and Mayor’s Concerns

Real estate groups strongly oppose the law, arguing landlords will simply incorporate broker fees into higher rents. Bess Freedman, CEO of Brown Harris Stevens, contends that “almost 50 percent of units are no-fee apartments” and fees are negotiable.

Mayor Eric Adams expressed concern that the legislation could transform one-time broker fees into permanent rent increases. However, Ossé counters this argument on two fronts:

  1. Such increases would be illegal for the city’s 47% rent-stabilized apartments
  2. Market forces, not landlord preferences, determine rent levels

“If your landlord could increase your rent tomorrow, they would have done so yesterday. They’re not holding back,” Ossé argued.

Implementation Timeline

The F.A.R.E. Act will become law either with the mayor’s signature within 30 days or automatically if unsigned. The law takes effect 180 days after enactment, aligning New York with standard practices in other major U.S. cities.

Golden Crown: A $25M Penthouse Redefines New York Luxury Living

A historic Fifth Avenue penthouse crowned by a spectacular gold dome has hit the market at $25 million, offering a rare opportunity to own one of Manhattan’s most distinctive residences.

The 5,777-square-foot property at 170 Fifth Avenue occupies the top two floors of the 1898 Beaux-Arts building, featuring five bedrooms, five bathrooms, and a stunning two-story octagonal cupola that has become an architectural landmark in its own right.

“There’s nothing of this kind in that price bracket,” says Sotheby’s listing agent Lawrence Treglia. Most comparable properties are found in modern developments, making this offering uniquely appealing to buyers seeking authentic New York character.

The penthouse’s sole owner since 2001, philanthropist Gregory C. Carr, who acquired the property for $7.5 million, has announced that proceeds from the sale will fund educational initiatives in Mozambique.

Historic Charm Meets Modern Luxury

Originally home to the Sohmer Piano Company, known for pioneering baby grand pianos in the 1880s, the building predates its famous neighbor, the Flatiron Building, by four years. Designed by renowned architect Robert Maynicke, whose portfolio includes several landmark Manhattan properties, the structure’s narrow 29-foot width and 120-foot length create uniquely proportioned living spaces.

The penthouse’s architectural highlights include:

  • 360-degree city views from the gold-domed cupola
  • A grand wrought-iron spiral staircase
  • An open-concept kitchen with skylights
  • Marble-finished bathrooms
  • Private roof deck access

Investment Potential

The property’s asking price represents a significant premium over its 2001 sale, reflecting both extensive renovations and the area’s transformation into one of Manhattan’s most desirable neighborhoods. Its position adjacent to the iconic Flatiron Building adds significant landmark value to the investment.

“It’s really buying a true old New York piece of property,” notes Treglia, emphasizing the penthouse’s unique position in the luxury real estate market. The combination of historical significance, architectural distinction, and prime location makes this offering particularly noteworthy for collectors of prestigious Manhattan real estate.

Photo credit (Social Media):
170 5th Avenue | Street Easy | Sotheby’s International Realty

La Lombardia è la regione con più transazioni in Italia

Milan Leads Italy’s Luxury Real Estate Market

The Lombardy capital outperforms Rome and Porto Cervo in high-end buyer preferences, with particular interest from international investors

In a real estate market showing mixed signals, Milan firmly establishes itself as the undisputed leader in Italy’s luxury sector. According to a recent study by LuxuryEstate.Com, the Lombardy capital attracts 17.3% of national demand for prestigious properties, significantly outpacing Rome (13.3%) and other renowned locations such as Porto Cervo and Forte dei Marmi.

The Luxury Premium

The ultra-luxury segment, characterized by properties valued above €6 million, maintains particular dynamism, especially in the city’s most exclusive areas. The Quadrilatero della Moda, Brera, and the Duomo area continue to attract significant investments, primarily from international buyers.

International Appeal

A key factor in Milan’s success in the luxury real estate market is its attractiveness to foreign investors, drawn not only by prestigious locations but also by favorable tax regulations. This trend has remained solid through 2024, with international buyers leading high-value transactions.

Market Segmentation

While properties in the highest market segment (above €6 million) maintain strong momentum, there is a slight contraction in luxury property transactions in the €1-6 million range, highlighting a market polarization toward ultra-luxury properties.

Miami Real Estate Forum: Migration Trend Persists Despite Market Challenges

South Florida’s real estate boom shows no signs of slowing, according to industry leaders at The Real Deal‘s recent South Florida Real Estate Forum. Despite rising costs and limited inventory, the region continues to attract investors and residents, distinguishing itself from other major U.S. markets.

The two-day forum, hosted at Mana Wynwood on November 6-7, drew an impressive crowd of over 6,000 real estate professionals and featured more than 50 speakers across 80 exhibitor booths. The event showcased the enduring strength of South Florida’s real estate market, even as other regions face significant headwinds.

Industry Leaders Take Center Stage

The forum’s star-studded lineup included several notable speakers:

  • WeWork founder and billionaire Adam Neumann discussed his new venture, Flow, revealing stronger-than-average NOI growth in their rental properties
  • Douglas Elliman’s newly appointed CEO Michael Liebowitz made his first major public appearance
  • Terra CEO David Martin shared insights on government relations and development strategies
  • Celebrity brokers Ryan Serhant and Pam Liebman hosted exclusive VIP breakfasts

Market Insights: Challenges and Opportunities

Multifamily Sector

Miami Worldcenter’s master developer, Nitin Motwani, maintains an optimistic outlook on apartment rental growth in South Florida. However, developers acknowledge current market realities:

  • Rent growth has plateaued due to substantial new inventory
  • Construction costs are outpacing inflation
  • Higher interest rates are impacting construction financing

Development Landscape

Key challenges facing developers include:

  • Shortage of qualified subcontractors for high-end construction
  • Escalating insurance and land costs
  • Supply chain concerns, particularly regarding potential tariff impacts

Single-Family Market

Veteran developer Todd Michael Glaser reported a strategic shift toward renovation projects rather than new construction, citing unfavorable economics for ground-up development of luxury homes.

Looking Ahead

Despite these challenges, South Florida’s real estate market continues to benefit from several advantages:

  • Sustained migration from other states
  • Strong demand across residential and commercial sectors
  • Continued interest from high-net-worth individuals and institutional investors

The pandemic-driven surge in South Florida real estate may have moderated, but the region’s fundamental appeal remains strong. With its favorable tax environment, growing business ecosystem, and lifestyle benefits, industry leaders expect the “flight to Florida” trend to persist, even as the market adapts to new economic realitie

Agenzia investimenti immobiliari | Firenze

Italian Luxury Real Estate: Florence Emerges As Top Investment Hub For High-Net-Worth Buyers

In a remarkable shift in Italy’s luxury real estate landscape, Florence is cementing its position as the country’s third most attractive market for high-net-worth individuals (HNWIs), trailing only behind the economic powerhouses of Milan and Rome. This insight comes from a comprehensive new study by LuxuryEstate.com, a premier property portal partnered with Immobiliare.it, released just days before the G7 Tourism Summit.

Market Leadership: Milan Maintains Dominance

The data reveals a clear hierarchy in Italy’s luxury property market:

  • Milan leads with 17.3% of total luxury property demand
  • Rome follows at 13.3%
  • Florence captures 5.2% of the market
  • Forte dei Marmi, a surprising contender, claims 4th place with 3%

“Italy offers diverse opportunities for luxury real estate investors,” explains Paolo Giabardo, CEO of LuxuryEstate.com. “While economic and political centers like Milan and Rome remain strong, we’re seeing increased interest in locations renowned for their historical significance and natural beauty, with excellent accessibility.”

Regional Powerhouses: Tuscany’s Rising Influence

The regional analysis reveals an interesting dynamic:

  • Lombardy maintains its top position, driven by Milan’s strong performance
  • Tuscany claims second place with 16% of luxury property searches
  • Lazio follows at 10%, despite Rome’s individual market strength
  • Sardinia (9%), Liguria (7%), and Veneto and Piedmont (tied at 6%) round out the top spots

Buyer Origins: A Domestic Focus

The study also tracked where these affluent buyers are coming from, revealing:

  1. Milan (20% of total searches)
  2. Rome (13.8%)
  3. Naples (7.5%)
  4. Turin (4.7%)
  5. Florence (3.9%)

Emerging markets include unexpected contenders like Jesi (1.8%), Ascoli (1.4%), and Padua (1.36%), suggesting a broadening of Italy’s luxury real estate landscape.

Investment Implications

This shifting landscape presents several key implications for investors:

  • Florence’s rise indicates growing confidence in secondary luxury markets
  • The strong showing of smaller cities suggests diversification opportunities
  • Tuscany’s overall performance demonstrates the enduring appeal of lifestyle-driven property investments

Looking Ahead

As Italy’s luxury real estate market continues to evolve, Florence’s position as a top-tier investment destination appears secure. The city’s blend of cultural heritage, quality of life, and strong property fundamentals makes it an increasingly attractive alternative to traditional prime markets like Milan and Rome.

The emergence of unexpected contenders in the top 10 suggests Italy’s luxury real estate market is becoming more sophisticated and diverse, offering new opportunities for discerning investors seeking both returns and lifestyle benefits.


Columbus international

Columbus International offers top experts in the real estate field that will make your quest for a property as seamless as possible.

CONTACT

OFFICE

Rockefeller Center
1270 Sixth Avenue, 8th floor,
New York, NY 10020

Newsletter

Receive our latest news and updates.

1
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right

Columbus International operates in the United States under the aegis of Keller Williams NYC and Living RE srl in Italy