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Luxury real estate market in New York City is experiencing a resurgence, defying earlier uncertainties and signaling a potential shift in the US real estate landscape. The Wall Street Journal reports that high-end properties in Manhattan had their second-best June for signed contracts since 2006. Contrary to expectations, which predicted that rising interest rates and a declining economy would deter affluent buyers throughout 2023, the market has been invigorated by a rebounding stock market and diminishing recession fears. Donna Olshan, president of Olshan Realty, a prominent brokerage firm monitoring luxury sales in Manhattan, remarks on the positive trend: “People are actively investing in exceptional homes, defying any concerns about the market’s current climate.” While transaction speeds may not match the peak years of 2021 and 2022, luxury deals during the first half of 2023 have exceeded pre-pandemic levels.

Notably, a recent off-market transaction in Soho involving a remarkable penthouse set a new record as one of the most expensive real estate deals ever completed in downtown Manhattan. Formerly owned by Peter Jennings, the esteemed former anchor of “ABC World News Tonight,” the apartment boasts breathtaking Central Park views. Within a mere two weeks of listing, it garnered four offers surpassing the asking price of $10.45 million, demonstrating the eagerness of discerning buyers to secure premier properties. Lisa Chajet, the real estate agent overseeing the transaction, notes the enthusiasm: “High-net-worth individuals are recognizing the value and seizing the opportunity before prices surge again.” Although the luxury market in New York remains robust, the national scenario presents a different landscape, as luxury sales nationwide continue to lag behind the past two years and even pre-pandemic levels. Taylor Marr, chief economist at Redfin, explains that affluent buyers are still cautious due to high interest rates and are postponing discretionary purchases, including secondary residences.

In April, for the first time in 11 years, home prices experienced a year-on-year decline. However, this trend is primarily observed in the western regions of the country, whereas the housing market on the East Coast and in the Midwest has demonstrated resilience. In particular, affluent suburbs near major cities like New York and Washington, D.C., have witnessed strong demand, as buyers prioritize properties within excellent school districts. Reluctance among homeowners to sell has further intensified the scarcity of available properties, which, in turn, has contributed to stable or even rising prices in many areas. Despite concerns about bonus reductions on Wall Street, where average payouts fell by 26% compared to the previous year, the real estate market in New York has remained buoyant. The recovery of the stock market, with the S&P 500 gaining 14% by the end of June and the Nasdaq posting its best first-half performance since 1983, has played a vital role in supporting luxury sales. Furthermore, developers have introduced incentives such as covering closing costs and waiving common charges for up to two years, facilitating more than half of the luxury home sales this year.

Zeckendorf Development, a prominent real estate firm, has responded to market conditions by offering discounts of 5 to 10% to attract buyers at their new condominium building located at 1289 Lexington Ave on the Upper East Side. The strategic pricing adjustment has generated positive results, with over a third of the units already sold since the sales campaign commenced a year ago. While the luxury market in New York continues to thrive, potential risks lie ahead. A slowdown in the economy or an increase in interest rates could have a significant impact on the market’s stability. Experts advise keeping a close eye on future developments to gauge the sustainability of the luxury real estate surge in the city.

Known as the Queen of Latin Music, Shakira has accumulated a remarkable collection of properties throughout her successful career. The renowned Latin diva, famous for hits like “Hips Don’t Lie,” “Whenever, Wherever/Suerte,” and “La Tortura,” hails from Barranquilla, Colombia. She began her musical journey at the age of 10 and released her debut album in 1991. In 2001, Shakira ventured into the English music market with her first English-language album, “Laundry Service,” and soon started diversifying her real estate holdings. Over the years, the singer, also serving as a UNICEF Goodwill Ambassador, has owned properties in the United States, Uruguay, Spain, Cyprus, and the Bahamas, each reflecting her minimalist interior style. Explore the global properties of this globe-trotting artist, showcased by Architectural Digest, and discover her recent relocation with her two children.

While conquering the American music charts, Shakira also established a presence in Miami. She acquired a Mediterranean-style house on La Gorce Island in Biscayne Bay, an exclusive enclave of private islands that has been home to numerous celebrities, including Cher, Matt Damon, and Ricky Martin. This house, built in 1988, featured four bedrooms, three and a half bathrooms, a lovely garden, patio, and pool. Shakira sold the property in 2005 for $1.8 million. However, Shakira’s pursuit of her dream home did not end there. In the same year, she purchased another house on La Gorce Island for $3.38 million, boasting an enviable waterfront location. This six-bedroom house, originally built in 1951 and subsequently renovated, offered a 100-foot dock granting direct access to the bay and captivating water views. Notably, Shakira herself contributed to the expansion of the property by adding three additional bedrooms. Collaborating with architects Ben Lopez and Associates and interior designer Renata Lessa Bastos from Trace Design Studio, Shakira infused her Lebanese and Middle Eastern heritage into the otherwise minimalist interior, incorporating bone-inlaid furniture pieces, handcrafted decorative mirrors, and a low-profile lounge area for hookah enthusiasts.

Over the years, Shakira has listed this house for sale several times, initially in 2018 for $11.648 million, with her brother Antonio Mebarak serving as one of her real estate agents. In 2021, the property was put on the market for $15.9 million before being withdrawn. During her relationship with lawyer Antonio de la Rúa, the son of former Argentine President Fernando de la Rúa, Shakira and de la Rúa shared a seven-bedroom farmhouse near Punta del Este, Uruguay, called La Colorada. Spread across 12 picturesque acres, this property served as a vacation retreat and creative sanctuary for the Colombian singer. Shakira spent a month there in 2008, seeking inspiration for her music and embracing the ambiance of her favorite poet, Juana Ibarbourou. The farmhouse boasted additional amenities, including a gym, heated pool, tennis court, sauna, and a lake with boats. Following their separation in 2011, legal disputes between Shakira and de la Rúa ensued, with de la Rúa retaining ownership of La Colorada after the split.

Subsequently, Shakira embarked on a new romantic journey with Spanish football star Gerard Piqué. The couple first crossed paths on the set of the music video for “Waka Waka (This Time for Africa),” the official anthem of the 2010 FIFA World Cup. Their relationship flourished, leading to the birth of their two children, Milan Piqué Mebarak in 2013 and Sasha Piqué Mebarak in 2015. Shakira and Piqué settled in Barcelona, where they constructed an expansive house in the Esplugues de Llobregat area in 2012. This remarkable five-story residence, featuring a gym, recording studio, cinema, pool, and multiple terraces, became their primary residence. Additionally, the property included a separate guest house with its own swimming pool. However, their separation in June 2022 posed challenges concerning the ownership of the house. As a result, in April 2023, Shakira and her two children relocated from Barcelona to her villa in Miami, seeking stability and closeness to family, friends, and the sea. Even after settling in Barcelona, Shakira continued to expand her real estate portfolio. In 2019, she reportedly acquired a villa in Peyia, a town located in the Paphos district of Cyprus. This six-bedroom vacation home, nestled by the Mediterranean Sea within the Cap St. George resort, offers breathtaking views and serene surroundings.