OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


April 22-28, 2013

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

32 Contracts Signed

At first glance, it would seem that not much had changed last week in Manhattan’s luxury real estate market. Once again, condos outsold co-ops, 22-4, at $4 million and above. But dig a little deeper, and there it is: A flurry of signed townhouses contracts, 6 to be precise, the biggest total since the middle of last June, when 7 were sold. Year to date, 48 contracts on townhouses at $4 million and above have been signed, a 33% increase in sales over the same period last year; average asking prices are up 4%. Townhouses still remain a good value compared to condos and co-ops: The average asking price on the 48 townhouses under contract is $1,669/square foot, $983/sq.ft. less than a condo.

The top 2 signed contracts were both mansion houses, and each had at one time served as the Kips Bay Decorator show house. The No.1 contract was 54 East 64th Street, asking $28 million. The 4-story, 25-foot house is commercially-zoned and in mint condition. It has 12,551 square feet and 17 rooms that include 8 bedrooms, 4 bathrooms, and an elevator. The property has traded 4 times since 2004, most recently in December 2011 for $20 million.

The No. 2 contract was a townhouse at 163 East 63rd Street, asking $18 million, reduced from $20 million when it went on the market last May. This 40-foot-wide mansion house was built in 1919 and formerly owned by John Hay “Jock” Whitney. It is in very good condition with 9,120 square feet that includes 16 rooms, 8 bedrooms, 8 bathrooms, 7 fireplaces, an elevator, garden, and 4 terraces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 22-28, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

0

Avg.Price:$7,711,000

4

Condos

2

0

2

18

Avg.Price:$7,265,682
Avg.$/sq.ft:$2,374/sq.ft.
Avg.Size: 3,061 sq.ft.

22

Condops *

0

0

0

0



0

Townhouses

4

0

0

2

Avg.Price:$13,408,167
Avg.$/sq.ft.:$1,772/sq.ft.
Avg. Size: 7,568 sq.ft.

6

Totals

10

0

2

20

32

Total Weekly Asking Price Sales Volume: $271,138,000
Average Asking Price: $8,473,063
Median Asking Price: $6,650,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:156
*Condop is a co-op with condo rules.

TO VIEW 26 CONTRACTS SIGNED ON APARTMENTS:
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:
http://media.realplusonline.com/webreports/1306277736a03b.htm
http://media.realplusonline.com/webreports/130629a89dfd71.htm

TO VIEW 6 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:
http://media.realplusonline.com/webreports/13062736ac088a.htm

Donna Olshan
President
dso@olshan.com

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

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook