OLSHAN LUXURY MARKET REPORT

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January 28-February 3, 2013

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

15 Contracts Signed

The luxury market turned in a respectable showing last week with 15 contracts signed on properties at $4 million and above. But the big question remains: Will sales volume hold up in the midst of an acute inventory shortage? According to Streeteasy.com, Manhattan inventory declined 14.3% in 2012 from the previous year. In addition, the appraisal firm of Miller Samuel reported that 2012 ended with the lowest inventory in 12 years.

The No. 1 contract was Apartment 69B at 25 Columbus Circle, asking $13,985,000, reduced from $14,950,000 when it went on the market in September. Located in the Time Warner Center, this 3-bedroom, 3-bath condo has 2,317 square feet and spectacular views of Central Park.

The No. 2 contract was Apartment 74 at 1 West 72nd Street, asking $12,950,000, reduced from $14.5 million when it went on the market in June. This 8-room co-op, in the famed Dakota, has 3 bedrooms and 3.5 baths. All the rooms except the formal dining room and kitchen face Central Park. The unit has a handsome 27-foot corner living room with 12-foot ceilings, a fireplace, and a balcony.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 28-February 3, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

3

0

1

Avg.Price:$6,596,250

8

Condos

2

1

0

4

Avg.Price:$2,528/sq.ft.
Avg.Size:2,919sq.ft.

7

Condops *

0

0

0

0


0

Townhouses

0

0

0

0


0

Totals

6

4

0

5

15

Total Weekly Asking Price Sales Volume: $104,415,000
Average Asking Price: $6,961,000
Median Asking Price: $6,265,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:186
*Condop is a co-op with condo rules.

TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS:
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http://media.realplusonline.com/webreports/130404e793fba6.htm

TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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