OLSHAN LUXURY MARKET REPORT

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



Subscribe | Unsubscribe


February 24-March 2, 2014

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

34 Contracts Signed

The market defied gravity last week, and I am not talking about the Oscar-nominated movie. 34 contracts were signed at $4 million and above including 13 that were asking $10 million and up. The numbers rocked: The average price of the 34 properties that went to contract was more than $9 million. Condos outsold co-ops 21 to 6. It was a big week for townhouses as well: 7 contracts were signed.

The No.1 contract was Unit 807-809 that was sold with a unit across the hall, 808, at 1 Central Park South, asking $42 million, reduced from $52 million when it went on the market in May 2012. These Plaza Condominium units total 5,850 square feet with an asking price of $7,179/square foot. Unit 807-809 has 3 bedrooms, a library, and 4.5 bathrooms with spectacular views from 75-feet of frontage that overlooks Central Park. Unit 808 has one bedroom and works well as a guest apartment. The Plaza has five-star hotel services including maid, valet, concierge, multiple restaurants, and a fitness center.

The No. 2 contract was a townhouse at 120 East 71st Street, asking $15.9 million, reduced from $18.9 million when it went on the market in November 2011. This 17-foot-wide house has 4,976 sq.ft., and was purchased in 2009 for $5.7 million. The house was completely renovated including an elevator and a fa├žade that was changed to limestone.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 24-March 2, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

1

0

Avg.Asking:$6,075,317

6

Condos

4

1

3

13

Avg.Asking:$9,758,095
Avg.$/sq.ft.:$3,199/sq.ft.
Avg.Sq.Ft.:3,203sq.ft.

21

Condops *

0

0

0

0



0

Townhouses

2

1

1

3

Avg.Asking:$10,202,714
Avg.$/sq.ft.:$2,204/sq.ft.
Avg.Sq.Ft.:4,810sq.ft.

7

Totals

9

4

5

16

34

Total Weekly Asking Price Sales Volume: $312,935,900
Average Asking Price: $9,203,997
Median Asking Price: $9,425,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:183
*Condop is a co-op with condo rules.

TO VIEW 27 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/1405013ab82f60.htm
http://media.realplusonline.com/webreports/140501c8f359f0.htm

TO VIEW 7 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/1405013844225e.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