LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
March 19-25, 2018

24 Contracts Signed

The fourth Nor’easter in 3 weeks blew across Manhattan last week, but even so 24 contracts were signed at $4 million and above, the eighth straight week that topped the 20-contract benchmark.

But when you consider the entire quarter, the stats aren’t quite so encouraging. The 1st quarter recorded 282 contracts signed, a 15% decline in the total over 2017, when 330 properties went into contract. Days on the market soared to 469 from 390 in 2017, the highest total since we started tracking this stat in 2011. The average price drop from the original asking price was 10% before a property went into contract. Which is not to say that 4 Nor’easters in March and the stock market peeling off over 3,000 points since the end of January hasn’t had an impact.

Putting it all together, in my opinion, the luxury market is screaming OVER PRICED!!!

The No.1 contract was Apartment PHW at 72 Mercer Street, asking $13.95 million. Originally listed and then pulled off the market in 2015 at $16.950 million, it was relisted at $3 million less in November 2017. This duplex condo loft has 4,204 square feet including 4 bedrooms and 4.5 bathrooms, plus a private roof terrace. It also has another terrace off a great room/4th bedroom.

The No. 2 contract was 19B at 1049 Fifth Avenue, asking $12.5 million, which was listed in September 2017. This 2,800-square-foot condo has smashing Central Park reservoir views, and features 3 bedrooms, 3.5 bathrooms, a media room, and 2 terraces.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 0 Avg.Ask:
$6,715,000
3
Condos 6 3 3 6 Avg.Ask:
$7,396,000

Avg.$/sq.ft.:
$2,645/sq.ft.

Avg.Size:
2,796 sq.ft.
18
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 0 1 Avg.Ask:
$6,430,000

Avg.$/sq.ft.:
$1,396/sq.ft..

Avg.Size:
4,606 sq.ft.
3
TOTALS 9 5 3 7 24
Total Weekly Asking Price Sales Volume: $172,563,000
Average Asking Price: $7,190,125
Median Asking Price: $6,745,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 507
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 21 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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Donna Olshan and Olshan Realty
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