Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

5 Contracts Signed

Last week turned out the lowest number of contracts signed since the first week in January. Only 5 contracts were signed at $4 million and above: 4 condos and 1 townhouse. The low volume underscores one point: Inventory is collapsing. Jonathan Miller, President and CEO of the appraisal firm Miller Samuel, wrote in his 3 cents worth column on Curbed.com: “Inventory levels are currently at their lowest point in more than five years but are not at record lows. The large volume of condos that entered the housing stock during the recent housing boom makes it unlikely that condo supply would fall to levels seen a decade ago, but co-ops may very well hit a record low in the coming months if declining trends continue.” To see Miller’s chart on inventory: http://www.millersamuel.com/charts/rotating-manhattan-co-opcondo-active-listing-inventory.

The No.1 contract signed was a townhouse at 36 East 68th Street, asking $17.5 million, reduced from $21 million when it started on the market in April. This 22-foot wide limestone house has 9,186 square feet and an elevator, but has been chopped up into 12 apartments and needs a complete renovation.

The No. 2 contract was Apartment 2ABC at 246 West 17th Street, asking $5,450,000, reduced from $$6,495,000 when it started on the market in June. This 4 bedroom, 4.5 bathroom condo has 4,035 square feet with 14-foot ceilings and a terrace, and includes a parking space.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 10-16, 2012