New York City luxury real estate is 'undervalued', says Sotheby's International Realty CEO

June 23, 2026 - 07:02

Philip White, the CEO and President of Sotheby's International Realty, made a bold claim this week regarding the state of high-end property in New York City. Appearing on a financial news program, White argued that despite the sky-high price tags, luxury real estate in the city is actually undervalued compared to global markets.

White pointed to a shift in buyer behavior since the pandemic. While many predicted a mass exodus from dense urban centers, he noted that the top tier of the market has shown surprising resilience. He suggested that current pricing does not fully reflect the city's enduring status as a global hub for finance, culture, and business. When compared to other major international capitals like London, Hong Kong, or Paris, New York's ultra-luxury properties offer more square footage per dollar, even at the highest price points.

The CEO acknowledged that the market has cooled from the frenzy of 2021 and 2022, but he framed this as a normalization rather than a crash. He sees the current moment as a window of opportunity for serious buyers. According to White, the combination of a strong dollar and a lack of new luxury inventory is creating a floor under prices. He also noted that foreign buyers, who had been largely absent during the pandemic, are beginning to return, drawn by the relative value.

White concluded that the fundamentals of New York City remain strong. He believes that the current "undervaluation" will correct itself as the market absorbs the available supply and demand continues to trickle in from both domestic and international sources.