OLSHAN LUXURY MARKET REPORT

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



Subscribe | Unsubscribe


September 26-October 2, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
September 26-October 2, 2011: 3 Contracts Signed

Last week, only 3 contracts were signed: 1 condo, 1 co-op, and 1 townhouse. There was a slowdown due to the 2-day Jewish New Year, and expectations are the same for this coming week because of Yom Kippur.

The No. 1 sale of the week was apartment 31D at 15 Central Park West, asking $28,750,000 for a 3,173 square foot unit with 3 bedrooms and 4 bathrooms. That translates to an asking price of $9,061/square foot. 15 Central Park West is the No.1 condo in New York. To put the sale in perspective, consider this: in 2011, there have been 7 closed sales at 15 Central Park West that have averaged $5,025/square foot. Currently, 4 apartments have contracts signed (not closed yet) with an average asking price of $5,873/square foot.

No doubt last week was lousy, but so far 2011 is shaping up to be the best year for luxury apartments since 2007. After 9 months, an average of 51 apartments per month went to contract in the $4 million and up category. This is close to the 2007 average of 54 contracts per month. More stats: 2008 averaged 42 contracts per month, 2009 averaged 31, and 2010 averaged 39.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 26-October 2, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

 

 

 

 

1

Condos

 

1

 

 

Avg. Price: $9,061 /sq.ft.
Avg. Size : 3,173 sq..ft.

1

Condops *

 

 

 

 

 

0

Townhouses

 

 

 

1

Avg. Price: $2,101/sq.ft.
Avg. Size: 2,832 sq.ft

1

Totals

1

1

 

1

 

3


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $38,950,000
Average Asking Price: $12,983,333
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price: 0%
Average Days on Market: 159

TO VIEW September 26-October 2, 2011: 2 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/111201d5ef4d87.htm

To VIEW September 26-October 2, 1011: 1 CONTRACTS 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/111201187c9981.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