Sotheby’s International Realty CEO Philip White is calling New York City’s luxury market "undervalued," telling viewers on Monday that parts of the high-end segment look like a savvy play for buyers with cash and patience. His take lands at an awkward moment for sellers, as some trophy apartments still spark bidding wars while another crop of sky-high listings quietly lingers on the market, all against a backdrop of fresh broker reports and Sotheby’s own mid-year research.
White made the case during a spot on CNBC’s "Fast Money," according to a clip posted by CNBC. In the segment, he argued that global buyer demand and concentrated wealth are reshaping values at the very top of the market, and said that in Manhattan the hottest tickets are well-located, move-in ready homes that buyers can step into without lifting a hammer.
Backed by Sotheby's mid-year outlook
Earlier this month Sotheby’s rolled out its 2026 Mid-Year Luxury Outlook, which highlights "longevity" and wellness as defining priorities for high-end buyers and notes that the luxury segment is still outpacing the broader housing market, according to Sotheby's International Realty. The report cites younger and intergenerational buyers moving into the luxury pool and points to tight inventory in key neighborhoods, trends White referenced on CNBC as he argued that some prime Manhattan properties look cheap to global capital.
Manhattan snapshot
Local brokers say none of this is exactly news: discerning buyers are crowding a narrow slice of turnkey listings while plenty of other high-end homes sit. The Real Deal reported that Sotheby’s advisors are seeing price-per-square-foot gains and brisk activity for properties above $4 million, describing the very top tier as "highly competitive." That split, with demand clustered around a thin band of polished inventory, is a big part of why White suggested certain corners of the market may look undervalued to the right buyers.
Why buyers might see opportunity now
White and Sotheby’s point to rising global wealth, shifting buyer preferences and an influx of younger luxury buyers as reasons prime New York can seem comparatively attractive, a dynamic the company lays out in its mid-year study and observers have echoed more broadly. Coverage in Bloomberg and elsewhere has noted that concentrated wealth and changing lifestyle priorities are remaking price logic across trophy markets. In that environment, small moves in mortgage rates and a still-strong pool of all-cash buyers can quickly turn market jitters into buying opportunities at the very top.
What sellers should know
None of this lets sellers coast. Brokers say realistic pricing and true move-in condition are still non-negotiable if you want to get a deal done. As The Real Deal relayed from Sotheby’s advisors, "turnkey is tops," and buyers will pay up for homes that do not need work. Global interest can give values a lift, but only when a property is priced and presented to match what the market is actually chasing.
White’s on-air call is essentially a green light for well-heeled buyers who can move quickly, and a warning shot to sellers that headline demand will not rescue an overpriced or poorly staged listing. For now, expect the familiar split to continue: fierce competition for polished, turnkey product alongside slower-moving luxury inventory that requires more patience and a softer stance on price.
