OLSHAN LUXURY MARKET REPORT

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November 28-December 4, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
November 28 - December 4, 2011: 13 Contracts Signed

The market bounced back, kicking off December with 13 contracts signed, making 2011 the best year in the luxury market since 2007.

Last week's contracts were split almost evenly among townhouses, condos, and co-ops. The No.1 sale was a townhouse at 156 East 61st Street, asking $9,750,000. It is a 19'-wide, 5-story house with 6,200 square feet that includes an elevator, 5 bedrooms, a finished basement, and a wine cellar. It started on the market in August 2010, having been renovated approximately 10 years ago.

The second most expensive townhouse sale was at 51 West 74th Street. Now follow this: the house first closed at the end of October for $8.175 million. It was then re-listed in mid November for $8.9 million, and a contract was signed last week. The house needs renovation, but the asking price of $1,287/square foot reflects good value for a 20-foot wide, 5-story property with 6,915 square feet, close to Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 28 - December 4, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

3

 

 

 

4

Condos

 

1

1

3

Avg. Price: $2,066 sq.ft.
Avg. Size : 2,639 sq.ft.

5

Condops *

 

 

 

 

 

0

Townhouses

1

2

1

 

Avg. Price:.$1,392/sq.ft.
Avg. Size: 5,077 sq.ft

4

Totals

2

6

2

3

 

13


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $77,542,000
Average Asking Price: $5,964,769
Median Asking Price: $5,500,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 226

TO VIEW November 28-December 4, 2011: 9 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/1202023150e0b6.htm

TO VIEW November 28-December 4, 2011: 4 CONTRACTS 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/120203252e2603.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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