OLSHAN LUXURY MARKET REPORT

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May 23-29, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
May 23-29, 2011: 9 Contracts Signed

May luxury sales are ending on a bit of a down note. Coming into Memorial Day, there were only 9 contracts signed, but interestingly, not a single one was for a co-op. Last week, three of the contracts were approved in bankruptcy court in the 6-unit condo at 1055 Park. The sales in this glass sliver building had an average asking price of $2,142/sq.ft., and the average monthly common charge plus real estate taxes was $7,026. The sales at 1055 Park indicate that contracting inventory can lure buyers to even the most troubled condos.

The No. 1 sale of the week was a 21-foot-wide townhouse at 30 Grove Street, asking $8.5 million; it sold in 34 days. The 4,452-sq.ft. house is currently divided into two apartments , but does not have an elevator. The house is on a charming West Village street and has undergone some renovations over the last 19 years under its owner.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 23-29, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

 

 

 

 

0

Condos

3

1

 

4

Avg. Price: $1,852/sq.ft.
Avg. Size : sq.ft. 3,461

8

Condops *

 

 

 

 

 

0

Townhouses

 

 

 

1

Avg. Price: $1,909/sq.ft.
Avg. Size: 4,452 sq.ft.

1

Totals

3

1

 

5

 

9

Total Weekly Asking Price Sales Volume: $59,780,000
Average Asking Price: $6,642,222
Median Asking Price: $6,750,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 145
*Condop is a co-op with condo rules.

TO VIEW MAY 23-29, 2011: 8 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/110729bab32faa.htm

TO VIEW MAY 23-29, 2011: 1 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/110729be803297.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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