OLSHAN LUXURY MARKET REPORT

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July 11-17, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
July 11-17, 2011: 7 Contracts Signed

It's slow out there. We had only 7 contracts signed last week, which is the average weekly July volume of the last two years. One bright spot: the 7-unit boutique condo at 41 Bond sold out in just 6 weeks. The last unit to go was the second floor model apartment that went on sale on June 1 for $5,025,000. It is a 3 bedroom, 3.5 bath, with 2,627 square feet and a balcony. By mid June, its price had been raised to $5,500,000, because half of the building had sold so quickly. The average asking price at 41 Bond was $2,370 per square foot, and the fact that the building sold so quickly demonstrates the appetite for new downtown condos with tasteful, high-end finishes.

The No. 1 sale of the week was the 8th floor prewar condominium at 988 Fifth Avenue, asking $20 million. It started on the market in September 2010 for $22 million and was pulled off the market in December. It went back on the market at the end of May, asking $20 million. It sold in 7 weeks, at a huge profit: the apartment was bought in 2005 for $10,950,000. It has 3,280 square feet, 3 bedrooms, 3.5 bathrooms, and a media room, with the living room and library facing Central Park. It was in very good condition, had central air conditioning, and 2 wood -burning fireplaces. Its asking price of $6,098 per square foot puts it in the range of some of the premier units in the top condos, such as 15 Central Park West, Time Warner Center , The Plaza, and Beacon Court. 988 Fifth Avenue is one of two genuine prewar condominium buildings on Fifth Avenue (the other is 817 Fifth). As it is, there are only 9 condominium buildings on Fifth Avenue from 50th to 96th Street. Apartments like 988 Fifth can appeal to buyers who want a large prewar apartment but don't want to undergo the scrutiny of a co-op board.

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

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

1

 

 

 

1

Condos

3

 

 

2

Avg. Price: $3,008/sq.ft.
Avg. Size : 2,804 sq.ft.

5

Condops *

 

 

 

 

0

Townhouses

 

 

 

1

Avg. Price: $3,209/sq.ft.
Avg. Size: 2,055 sq.ft.

1

Totals

3

1

 

3

 

7


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $55,380,000
Average Asking Price: $7,911,429
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 1%
Average Days on Market: 133

TO VIEW July 11-17, 2011: 6 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/1109156ac22b6c.htm

TO VIEW July 11-17: 1 CONTRACT SIGNED ON A TOWNHOUSE:
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/1109153728821b.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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