Luxury 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.

Miami has long been a playground for the ultra-wealthy, but the last few years have seen an explosion of extraordinary luxury real estate deals in the city. From a $135 million villa in Coconut Grove to the $100 million waterfront estate purchased by Citadel CEO Ken Griffin, multi-million dollar home sales have become increasingly common. What’s driving this surge in the high-end real estate segment? To get an inside look, Bloomberg interviewed Dina Goldentayer, a real estate agent for Douglas Elliman in the Miami area.

Goldentayer states that a combination of factors is fueling the luxury housing boom. A large part of this is due to a continuous influx of high-net-worth individuals, many of whom are fleeing high-tax states like New York and California to take advantage of Florida’s favorable tax climate. The tax benefits of relocating to Florida have been a huge draw, especially for finance and tech executives. At Columbus International, we have seen many people from the Northeast and West Coast move here, often bringing their businesses with them.

However, the ultra-rich are not just looking to save on taxes – they also want homes that cater to their specific luxury preferences. Our clients are seeking sprawling estates with every imaginable amenity, from private beaches and docks to wine cellars and home theaters. These buyers have very specific requirements. They want the ultimate in privacy, security, and high-end finishes. No detail is too small.

When dealing with homes worth tens of millions, the level of service, discretion and attention to detail at Columbus International must be impeccable. Our team is here to address your every need.

Cultivating relationships with wealthy clients and securing the rare multi-million dollar listings also requires a unique approach. It’s all about building trust and rapport. Our clients want to work with someone they feel comfortable with and who truly understands their needs.

The influx of finance and tech leaders to Miami has been a true boon for the luxury market, none more so than the so-called “Citadel effect.” Billionaire Ken Griffin’s buying spree, which includes the $100 million waterfront estate, has helped drive up prices and sparked a frenzy among other ultra-high-net-worth individuals. When someone like Griffin buys a property for $100 million, it sets a new benchmark and shifts the entire dynamic. Many high-end real estate clients want to be able to say they own the home next door to his.

Naturally, Miami’s luxury real estate boom has also had some negative aspects. The surging prices are making it increasingly difficult for the middle class and even upper-middle-class to afford homes in the city. There is certainly a concern about pricing people out. But at the end of the day, a real estate agent’s job is to get the best possible outcome for their clients. The market is what it is.

Looking ahead, we don’t see signs of the luxury housing frenzy slowing down anytime soon. In fact, the next frontier will likely be even higher price points, as Miami solidifies its status as a global playground for the world’s wealthiest. There are those in our network who wouldn’t be surprised to see $200 million homes become the ‘new normal’ in the not-too-distant future.

Photo: Dolce & Gabbana 888 Brickell Ave