OLSHAN LUXURY MARKET REPORT

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April 11-17, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
April 11-17, 2011: Total Sales: 27 Contracts Signed

We are in the midst of a hot Spring market. Twenty-seven contracts were signed last week, making it one of the top 2 weeks in the last 4 years. The flip side is that the deals were done on lower priced properties. Nothing broke $8 million. The spread between the original asking price and the last asking price was very tight: 2%. Half of the units sold within 90 days. Condos outsold co-ops more than 2-1. The total dollar volume was $157,591,000 in asking prices. Nevertheless, the No.1 week still remains Feb. 7-13, 2011, which had 31 contracts signed on asking prices totaling $207 million .

The No. 1 sale of the week was on the 16th floor at 110 Central Park South, asking $7,995,000.
It is two apartments , 16B and 16C, which need to be combined and will total 3,417 sq.ft. Only the 28' living room faces Central Park, but combined, the apartment will have 4 bedrooms and 5 baths. The two units were purchased separately in October 2007 for a total of $7.05 million and never combined. The building is a condop, which is a co-op with condo rules.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 11-17, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

5

 

 

 

7

Condos

6

3

3

6

Avg. Price: $2,117
Avg. Size: sq.ft. 2,659

18

Condops *

 

 

1

 

Avg. Price: $2,340/sq.ft.
Avg. Size: 3,417 sq.ft.

1

Townhouses

 

 

1

1

Avg. Price: $1,849/sq.ft.
Avg Size: 4,299 sq.ft.

1

Totals

8

8

4

7

 

27

Total Weekly Asking Price Sales Volume: $157,591,000
Average Asking Price: $5,836,704
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 179
*Condop is a co-op with condo rules.

TO VIEW APRIL 11-17, 2011: CONTRACTS SIGNED ON APARTMENTS No. 1-15:
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/110617297b5ddb.htm

TO VIEW APRIL 11-17, 2011: CONTRACTS SIGNED ON APARTMENTS No. 16-26:
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/110617a38183fc.htm

TO VIEW APRIL 11-17, 2011: CONTRACTS SIGNED ON TOWNHOUSES: 1
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/11061729bcaaef.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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