OLSHAN LUXURY MARKET REPORT

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April 18-24, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
April 18-24, 2011: Total Sales: 15 Contracts Signed

The Passover/Easter Week resulted in 15 contracts signed, selling within an average of 112 days, a quick pace for any market. Prices were reduced 5% on average before going into contract. These are solid results for a normally quiet week.

The No. 1 sale was a 5-story brownstone in Carnegie Hill at 9 East 94th Street, asking $11,250,000, reduced from $12,750,000 when it started on the market in October. This 20' wide house has an elevator, 8 bedrooms, and 6 bathrooms. Four houses in Manhattan, including 9 East 94th Street, are currently under contract at asking prices of $10 million and above. In 2011, 10 houses have closed at $10 million or higher. The 10 closed houses averaged $2,249/sq.ft. and the average size was 7,491 sq.ft. Almost all were at least 20' wide and had elevators. Five were on the Upper East Side, 4 Downtown, and 1 on the Upper West Side.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 18-24, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

3

 

 

 

4

Condos

2

3

1

4

Avg. Price: $1926/sq.ft.
Avg. Size sq.ft.: 2,859

10

Condops *

 

 

 

 

 

0

Townhouses

1

 

 

 

Avg. Price: $1,647/sq.ft.
Avg Size sq.ft.: 6,832

1

Totals

4

6

1

4

 

15

Total Weekly Asking Price Sales Volume: $97,747,000
Average Asking Price: $6,516,467
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 112
*Condop is a co-op with condo rules.

TO VIEW No. 1 SALE OF WEEK - TOWNHOUSE 9 E 94:
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/110624ed2bc02c.htm

TO VIEW APRIL 18-24, 2011: 14 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/1106242a3cda9c.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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