YEAR END REPORT 2016


Report on Contracts Signed
NYC Residential Properties
YEAR END REPORT
JANUARY 1-DECEMBER 25, 2016

1102 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, wrapping up a year that saw an 18% decline in contracts over 2015. Year to date, 1102 properties had contracts signed totaling $8,937,866,862. The numbers are higher than 2012, but below the golden years of new condo development: 2013-2015.

The decline reflects classic price resistance. There was a 2% increase in the average asking price, but a 30% increase in the average days on the market—318 days. You read that right—it took more than two months longer to sell a luxury property in 2016 than in 2015. The average price drop from listing to contract signing was 6%, an increase from 5% in 2015. There was also a 5% decline in contracts signed at $10 million and above.

The steepest fall from grace was in co-ops: 25% fewer contracts at $4 million and above from 2015, signaling a continuing market shift in the luxury market to new condos that offer freedom of ownership, new infrastructure, robust amenities, and some hip architecture—particularly seen Downtown.

Overall, 76% of all apartment contracts at $4 million and above were condos—and 58% of those sales were in new construction sold off of floorplans. Downtown was clearly the most popular location, 49% of all luxury sales.

Last week, the No.1 contract was 43C at 432 Park Avenue, asking $17.625 million. The unit has 3,575 square feet including 3 bedrooms, 3.5 bathrooms, 12.5-foot ceilings, and windows that measure 10x10 feet. This is the 7th time this year that 432 Park has taken the top spot in this report. This new condo is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining, parking, a garden, and a children’s playroom.

The No. 2 contract was 10A at 275 West 10 th Street, asking $12.795 million, reduced from $13.295 million when it went on the market in March. The corner unit has 3,751 square feet including 4 bedrooms, 4.5 bathrooms, a 27’ x 25’ living room, an eat-in kitchen, and a 20-foot master suite. This prewar building, called the Shephard, was originally a rental that has been transformed into a condo with amenities that include a gym, basketball court, ping pong room, landscaped garden, and a library.


NYC LUXURY REPORT: 2013 - 2016 COMPARISON CHART


Contracts Signed $4 M and above 2013 2014 2015 2016
# of Co-op Contracts $4 million and above 288 282 296 222
# of Condo Contracts $4 million and above 905 891 904 751
# of Condop Contracts at $4 million and above 49 14 14 17
Total # of Contracts Signed on Apartments 1242 1187 1214 990
# of Townhouse Contracts $4 million and above 130 153 130 112
Total # of Contracts Signed Apartments + Houses 1372 1340 1344 1102
# of Contracts Signed off floorplans 475 481 456 435
# of Contracts Signed Asking $10 million and above 252 270 227 215
Total Volume $10,854,826,824 $11,256,284,299 $10,738,479,892 $8,937,866,862
Average Asking Price $7,851,594 $8,140,776 $7,940,624 $8,090,463
Median Asking Price $6,366,072 $6,440,048.00 $6,289,375 $6,367,820
Average Price Decline Before a Signed Contract 3% 4% 5% 6%
Days on Market 172 181 243 318
Condo Average Asking Price $7,719,542 $7,832,105 $7,739,656 $8,099,463
Condo Average Asking $/sq.ft. $2,766 $2,783 $2,825 $2,929
Condo Average Size 2,814 2,801 2,731 2,755
Co-op Average Asking Price $6,756,788.00 $7,727,973 $7,280,086 $7,063,249
Townhouse Average Asking Price $9,514,252 $10,256,784 $10,993,444 $10,400,788
Townhouse Average Asking $/sq.ft. $1,750.00 $1,829.00 $2,077.00 $1,944
Townhouse Average Size 5,553 5,621 5,288 5,531



END OF THE YEAR 2016 REPORT

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
JANUARY 1-DECEMBER 25, 2016
1102 Contracts Signed


East West Midtown Downtown Asking $/sq.ft. Totals
Apartments 195 161 138 496 Avg. Co-op Ask:
$7,063,249
Avg. Condo Ask:
$8,099,463
Avg. Condo Ask:
$2,929/sq.ft
Avg. Condo Size:
2,755/sq.ft
990
Townhouses 32 32 5 43 Avg. Condo Ask:
$10,400,788
Avg. Condo Ask:
$1,944/sq.ft
Avg. Condo Size:
5, 531/sq.ft
112
TOTALS 227 193 143 539 1102
2016 Total Contract Sales Volume: $8,937,866,862
Average Asking Price on Apartments + Houses: $8,090,435
Median Asking Price Apartments + Houses: $6,367,820
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 318



NYC Residential Properties

$4 Million and Above
December 19-25, 2016
17 Contracts Signed



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 1 0 Avg.Ask:
$7,017,500
4
Condos 0 2 2 7 Avg.Ask:
$7,623,636

Avg.$/sq.ft.:
$3,099/sq.ft.

Avg.Size:
2,460 sq.ft.
11
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$9,650,000

Avg.$/sq.ft.:
$1,924/sq.ft..

Avg.Size:
5,015 sq.ft.
2
TOTALS 3 3 3 8 17
Total Weekly Asking Price Sales Volume: $131,230,000
Average Asking Price: $7,719,412
Median Asking Price: $7,250,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 430
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 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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