LUXURY MARKET REPORT
September 19-25, 2016
The 3rd quarter ended last week, and this is what we learned: 229 contracts were signed at $4 million and above, a 16% drop over the same period last year. The average number of days on the market increased to 337 from 283. One troublesome spot was the decline in co-op sales—only 30 contracts were signed in the 3rd quarter, down from 55 in the same quarter last year. The results seem to reflect an overpriced market in correction mode.

As for last week’s stats, 16 contracts were signed at $4 million and above with 4 deals north of $20 million, including 2 Downtown penthouses that were the top sales of the week--a silver lining in a cloudy market.

The No.1 contract was the Penthouse at 42 Crosby Street, asking $25 million. This duplex condo was sold off of floorplans. It has 5,852 square feet including 5 bedrooms ...

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