OLSHAN LUXURY MARKET REPORT

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



Subscribe | Unsubscribe


March 14-20, 2011

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

BREAKING NEWS: ONE OF THE TOP 5 WEEKS IN THE LAST 4 YEARS
March 14-20, 2011: Total Sales: 21 Contracts Signed

Breaking News: Last week was strong. There were 21 sales, ranking it as one of the top 5 weeks in the last 4 years. The strength in the market is underscored by the overwhelming popularity of condos over co-ops. In the last 3 weeks, close to three times as many condos have sold as co-ops. The average spread between the original asking price and the last asking price was very tight--3.45%.

The No. 1 sale of the week: 151 East 58th Street, Beacon Court Condominium, 46D, a 2,936 sq.ft. three bedroom, 3 bath apartment, asking $16.5 million, which translates to $5,620/sq.ft. The unit was reduced $1 million from its original asking price in September 2010. It has floor-to-ceiling windows, 11' ceilings, and breathtaking views of Central Park.

Twenty-one townhouses have gone to contract since the New Year at asking prices of $4 million and above, but this week saw the first East Side townhouse going under contract at an asking price above $10 million. The house at 69 E 82nd Street is 5 stories, 20' wide, and was asking $12.1 million, reduced from $13 million when it went on the market 11 months ago. The house has 5,360 sq.ft., and is in beautiful condition, but does not have an elevator. It is on the same block as the elementary school PS 6.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 14-20, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

3

 

 

 

3

Condos

6

2

2

4

Avg. Price: $2,349
Avg. Size: 2,774'

14

Condops *

 

 

 

 

 

0

Townhouses

1

2

 

1

Avg. Price: $1,679
Avg. Size: 5,078'

4

Totals

7

7

2

5

 

21

Total Asking Price Sales Volume: $144,153,000
Average Asking Price: $6,864,429
Average Discount from Original Ask to Last Asking Price: 3.45%
Average Days on Market: 247
*Condop is a co-op with condo rules.

TO VIEW MARCH 14-20: 17 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/110520da062dac.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

TO VIEW MARCH 14-20: 4 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/11052059053c99.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