What’s happening with Manhattan’s luxury market?

Manhattan’s ultra-rich found better things to do last week than sign on the dotted line.  Just nine homes in the borough asking $4 million or more snagged inked deals last week, per Olshan Realty’s report. The drop in contracts mirrored a similar slump in South Florida, with Miami-Dade County logging just 12 pending deals.  The drop could mean luxury buyers are just out on summer vacation or it could be the first inkling of a glacial third quarter — typically the residential market’s slowest period.  But the number of signed contracts could also be undercounted, as the total may not […] This article originally appeared on The Real Deal. Click here to read the full story.