Younger buyers are driving luxury real estate demand, says Serhant's Zaitzeff

Summary

CNBC's Kelly Evans interviews Peter Zaitzeff, a luxury real estate broker at Serhant and star of 'Owning Manhattan,' about the booming NYC luxury market. Zaitzeff highlights record transaction volumes at $4 million-plus, extreme inventory scarcity, and the growing appeal of real estate as a tangible safe-haven asset amid struggles in private equity and private wealth. He also discusses tax advantages and the forecast that NYC luxury inventory could disappear by 2027.

• NYC luxury real estate ($4M+) is having its most consistently strong market ever.
• About 30 luxury units are transacted per week in NYC.
• Inventory is critically low: only 4,000 units available and 1,900 planned, likely none by 2027.
• Real estate is seen as a hedge against struggling private equity and private wealth.
• Tax advantages like 1031 exchanges make real estate a wealth-building tool.
• High-end real estate is viewed as a safe-haven asset for long-term growth.