OLSHAN LUXURY MARKET REPORT

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



Subscribe | Unsubscribe


May 9-15, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
May 9-15, 2011: 17 Contracts Signed

This week the market bounced back to 17 sales from the prior week's lull of 9. As usual, condos outsold co-ops 2-1. It was the biggest week in townhouse sales in 2011. Five houses sold ranging from $5.35 million to $24.5 million in asking prices. All were at least 20' wide. Since the beginning of the year, 45 houses have gone to contract at asking prices of $4 million and up with an average asking price of $1,739/sq.ft.

The No. 1 sale of the week goes to 870 Park Avenue, a 25' wide townhouse, asking $24,500,000. This is a modern house with 11,875 sq.ft that was on the market for over three years, originally listed at $33 million. It was designed by Robert A.M. Stern, the Dean of Yale School of Architecture , and the architect for 15 Central Park West, the most expensive condo building in New York. It is an unusual property because there are few townhouses on Park Avenue, and the building has a modern facade. Most townhouses in New York have period architecture and many are located in areas protected by the New York City Landmark Commission.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 9-15, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

 

 

 

4

Condos

3

2

1

2

Avg. Price: $2,315/sq.ft.
Avg. Size : 2,809 sq.ft.

8

Condops *

 

 

 

 

 

0

Townhouses

1

1

 

3

Avg. Price: $1,755/sq.ft.
Avg. Size: 5,878 sq.ft.

5

Totals

7

4

1

5

 

17

Total Weekly Asking Price Sales Volume: $131,233,136
Average Asking Price: $7,719,596
Median Asking Price: $6,020,136
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 331
*Condop is a co-op with condo rules.

TO VIEW MAY 9-15, 2011: 5 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/1107147b240cf0.htm

TO VIEW MAY 9-15, 2011: 12 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/110714f8356895.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