OLSHAN LUXURY MARKET REPORT

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



Subscribe | Unsubscribe


February 7-13, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above

BREAKING NEWS: THE BIGGEST SALES WEEK SINCE THE LEHMAN CRASH
February 7-13, 2011: Total Sales: 31 Contracts Signed

Breaking News: This is the biggest week for contracts signed at asking prices of $4 million and above since the Lehman Brothers crash in September 2008. Last week, 31 luxury properties went under contract totaling $206,979,705 in asking prices. This is triple the volume of an average week in 2010. The average asking price was $6,676,765 and half of the units sold within 90 days. The average discount between the original asking price and the last ask was 4%. The question is whether this will be a one-week wonder or a sign of a trend. It's too early to call the market. Since the Lehman crash, there was one other extraordinary week: November 16-22, 2009, when 27 properties went under contract, and that week did not signify a turning point. But the combination of a stronger stock market, more positive economic indicators, and tightening inventory sets the stage for a more robust luxury market.

The No. 1 sale of the week was the highly prized corner 9-room co-op in The Beresford, 211 Central Park West, apartment 15D, asking $16.5 million. This apartment was on the market for 28 days before it went under contract. It's on a higher floor and asked less than the $17,850,000 that Citicorp CEO Vikram Pandit paid for 6D in 2007.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 7-13, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

9

4

 

 

 

13

Condos

1

3

 

11

$1,854/sq.ft.
2,673' avg. size

15

Condops *

 

 

 

1

$3,170/sq.ft.
5,000' avg. size

1

Townhouses

 

 

 

2

$1,057/sq.ft.
4,561' avg. size

2

Totals

10

7

 

14

 

31

Total Asking Price Sales Volume: $206,979,705 Average Price: $6,676,765
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 158
*Condop is a co-op with condo rules.

WEEKLY CONTRACTS SIGNED APARTMENTS $5.995 to $16.5 Million:
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/110415aafd4073.htm

WEEKLY CONTRACTS SIGNED APARTMENTS $4 to $4.995 Million:
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/110415655fdd2c.htm

WEEKLY CONTRACTS SIGNED: 2 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/11041576ea5167.htm

Report Prepared by:

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