LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 30, 2013-January 5, 2014

9 Contracts Signed

As someone interested in Manhattan residential real estate, you might have heard there is a 14-year, record-low 3.8-month supply of properties for sale. Let’s break it down: According to Streeteasy.com, 313 properties are for sale at $10 million and above--and this does not include any of the new condos that refuse to publicly list their inventory, like 157 West 57th Street and 432 Park. The appraisal firm of Miller Samuel has reported that there exists, at $10 million and above, a 35-month supply of condos and a 24-month supply of co-ops. But Miller Samuel is reporting a different story with properties at the lower end: a 4-month supply of properties under $4 million and a 2-month supply of properties under $1 million. At $4 million to 9.999 million, there is approximately a 1-year supply.

Despite the elevated inventory of properties over $10 million, 2013 was the strongest year in the last 5 years for trophy residences: Streeteasy.com reported 158 closed sales (the record is 232 sales, which was recorded in 2008, with 15 Central Park West closing 70 new units). But closed sales only tell a part of the story: 249 contracts were signed in 2013 at $10 million and above, including 100 new condos that are not expected to close for another 12 to 18 months.

Oh, by the way, only 9 contracts were signed last week at $4 million and above, a typically paltry total for a holiday week. The No. 1 contract was the 7th floor at 47 East 91st Street, asking $12.5 million. This is a 4-bedroom and 5.5-bathroom condo with 4,000 square feet. The unit has a 32-foot living room, a study, and master bedroom facing Madison Avenue. The No. 2 contract was 33D at 1 Central Park West, asking $9.75 million, reduced $1 million from when it went on the market in April 2013. It is a 3-bedroom, 3.5-bathroom condo with 2,165 square feet. The living room and dining room face Central Park.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
Avg. Price: $4,495,000
1
Condos 1 1 0 4 Avg.Ask:
Avg. Price: $6,925,000

Avg.$/sq.ft.:
Avg. Price: $2,649/ sq..ft.

Avg.Size:
Avg. Size: 2,665 sq..ft.
6
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
Avg. Ask: $6,600,000

Avg.$/sq.ft.:
Avg. Price: $1,150/sq..ft..

Avg.Size:
Avg. Size: 5,736 sq.ft.
2
TOTALS 3 1 0 5 9
Total Weekly Asking Price Sales Volume: $59,245,000
Average Asking Price: $6,582,777
Median Asking Price: $4,500,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 311
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 7 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

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

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Donna Olshan and Olshan Realty
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