OLSHAN LUXURY MARKET REPORT

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January 31-February 6, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 31-February 6, 2011: Total Sales: 14 Contracts Signed

I am looking for signs but I am not seeing them. So far, 2011 is unchanged from 2010, except for the weather. But one thing is clear: buyers and brokers are suffering snow fatigue. I don't remember a winter this bad but the bright side is bonuses are starting to come in. One thing I am carefully watching is the negotiability factor. It's all over the place depending on the property. In January, the average property was discounted 18% from the original asking price before it sold, and this week the average discount was 11%. The sales breakdown: 6 co-ops, 5 condos and 3 townhouses.

The No. 1 sale of the week was 983 Park, apartment 9A, which has 10 rooms and hit the market in 2007 for $9 million. It sold in May of last year but the co-op board rejected the buyer. Subsequently, the property was taken off the market. The unit was relisted last month for $8,250,000 and sold in 5 weeks.

There was a flurry of activity in the townhouse market. Small houses seem to be moving. Three houses sold last week?all on the Upper East Side with an average asking price of $5.7 million, an average size of 3,867 sq.ft. and an average of 202 days on the market. There have been 8 townhouse sales in Manhattan since January 1 and all have been below $8 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 31-February 6, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

2

 

 

 

6

Condos

2

1

 

2

$2,028/sq.ft.
Avg. size = $2,835'

5

Condops *

 

 

 

 

 

0

Townhouses

3

 

 

 

$1,244/sq.ft
Avg. size = 3,867'

3

Totals

9

3

 

2

 

14

Totals: 14 Sales
*Condop is a co-op with condo rules.

WEEKLY CONTRACTS SIGNED: APARTMENTS $4 Million and Above
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http://media.realplusonline.com/webreports/1104087bb93994.htm

WEEKLY CONTRACTS SIGNED: TOWNHOUSES $4 Million and Above:
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/11040861c5c5fe.htm

Report Prepared by:

Donna Olshan
President
dso@olshan.com

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

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