OLSHAN LUXURY MARKET REPORT

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January 2-8, 2012

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 2-8, 2012: 5 Contracts Signed

Judging from the numbers, we are off to a slow start in 2012. Perhaps, it was predictable, as people were just returning from the ski slopes and beaches of their holiday vacations. There were only 5 contracts signed last week at asking prices above $4 million. Hopefully, the slow week won't be a trend, as the second half of last year saw a drop in luxury volume. In the first 6 months of 2011, there were 375 contracts signed on apartments at $4 million and above compared to 207 in the second half. Typically, the spring is the high season for the year but the overall market started to struggle in early summer with a perfect storm: a global financial crisis, Congress paralyzed over budget negotiations, and a roller coaster stock market that made many buyers queasy. On the bright side, prices held up due to inventory shortages.

One sector of the market that had no drop in volume was townhouses. In 2011, 102 townhouses went to contract, evenly split between the first and second half of the year. Last week, the No.1 contract was a mint condition townhouse at 161 East 80th Street, asking $14.85 million. It was purchased in July 2009 for $4.9 million and then renovated. The 18.75' wide house has 6,500 square feet, an elevator, central air conditioning, and outdoor terraces. It sold in 3 months and its asking price translates to $2,285/square foot.



NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 2-8, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

 

 

 

 

0

Condos

 

1

 

2

Avg. Price: $2,393/sqft.
Avg. Size : 2,863 sq.ft.

3

Condops *

 

 

 

 

 

0

Townhouses

2

 

 

 

Avg. Price: $1,303/.ft.
Avg. Size: 8,305 sq.ft.

2

Totals

2

1

 

2

 

5


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $42,200,000
Average Asking Price: $8,440,000
Median Asking Price: $7,700,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 361

TO VIEW January 2-8, 2012, 2011: 3 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/12030969d3f011.htm

TO VIEW January 2-8, 2012: 2 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/120309a5b5fb58.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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