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YEAR END REPORT 2014
Report on Contracts Signed
NYC Residential
Properties
$4 Million and Above
13 Contracts Signed
Thirteen contracts were signed last week at $4 million and above, wrapping up the 2nd biggest year in the Manhattan luxury real estate market since we started keeping track in 2006. Year to date, 1,340 properties had contracts signed at $4 million and above, totaling over $11.256 billion in sales. Although this represented a 2.4% decrease in total contracts over 2013's record, prices were up in every category. The small decline in total contracts can be traced to the heavy contract volume during December 2013 at two new condo projects: The Greenwich Lane and 50 Riverside Boulevard. Overall, condos outsold co-ops by more than a 3-to-1 margin, capping two straight years of surging sales in luxury construction.
In 2014, 41% of all luxury apartment contracts were sold off of floorplans, compared to 38% in 2013. Many of these condos will not be completed for at least another 18 months. Meanwhile, an 18% increase in the number of townhouse contracts was registered. One more interesting stat: 53% of all luxury contracts were Downtown.
The No.1 contract last week was a townhouse at 178 East 64th Street, asking $12.950 million, reduced from $15.7 million when it went on the market at the end of May 2009. This 20-foot-wide, 4-story house has 5,380 square feet with 5 bedrooms and 5.5 bathrooms. It was purchased in December 2007 for $13.5 million by Jim Press, shortly after he was appointed co-President and Vice Chairman of Chrysler. Real estate taxes on the house are $80,096.
The No. 2 contract was PHN at 141 East 88th Street, asking $8.750 million. It is a duplex with 4 terraces and 2,844 square feet including 3 bedrooms and 3.5 bathrooms. The penthouse is under construction, being built on the roof of this prewar building that was converted from a rental to a condo.
NYC LUXURY REPORT: 2013 / 2014 COMPARISON CHART
Contracts Signed $4 M and above |
2013 |
2014 |
# Co-op Contracts $4 million and above |
288 |
282 |
# of Condo Contracts $4 million and above |
905 |
891 |
# of Condop Contracts at $4 million and above |
49 |
14 |
Total # of Contracts Signed on Apartments |
1242 |
1187 |
# of Townhouse Contracts $4 million and above |
130 |
153 |
Total # of Contracts Signed Apartments + Houses |
1372 |
1340 |
# of Contracts Signed off floorplans |
475 |
481 |
# of Contracts Signed Asking $10 million and above |
252 |
270 |
Total Volume |
$10,854,826,824 |
$11,256,284,299 |
Average Asking Price |
$7,851,594 |
$8,140,776 |
Median Asking Price |
$6,366,072 |
$6,440,048.00 |
Average Price Decline Before a Signed Contract |
3% |
4% |
Days on Market |
172 |
181 |
Condo Average Asking Price |
$7,719,542 |
$7,832,105 |
Condo Average Asking $/sq.ft. |
$2,766 |
$2,783 |
Condo Average Size |
2,814 |
2,801 |
Co-op Average Asking Price |
$6,756,788.00 |
$7,727,973 |
Townhouse Average Asking Price |
$9,514,252 |
$10,256,784 |
Townhouse Average Asking $/sq.ft. |
$1,750.00 |
$1,829.00 |
Townhouse Average Size |
5,553 |
5,621 |
IMPORTANT NOTE ON APARTMENTS SOLD OFF OF FLOORPLANS:
In 2014, 41% of all apartment contracts at $4 million and above were signed off of floorplans as compared to 38% in 2013.
CONDOS OUT SELL CO-OPS MORE THAN 3 TO 1:
In 2014, 69% of all the apartment contracts at $4 million and above were in condos as compared to 68% in 2013.
END OF THE YEAR 2014 REPORT
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
JANUARY 1-DECEMBER 28, 2014
Contracts Signed: 1,339
2014 TOTALS |
East |
West |
Midtown |
Downtown |
Asking $/sq.ft. |
2014 |
Apartments |
288 |
169 |
105 |
625 |
Avg. Co-op Asking Price: $7,727,973
Avg. Condo Asking Price: $7,832,105
Avg. Condo Asking $/sq.ft.: $2,783/sq.ft.
Avg. Condo Size: 2,801 sq.ft.
|
1,187 |
Townhouses |
52 |
34 |
13 |
54 |
Avg. Asking Price: $10,256,784
Avg. Asking Price: $/ sq.ft.: $1,829/sq.ft.
Avg. Size: sq.ft.: 5,621 sq.ft.
|
153 |
Totals |
340 |
203 |
118 |
679 |
|
1,340 |
2014 Total Contract Sales Volume: $11,256,284,299
Average Asking Price on Apartments + Houses: $8,140,776
Median Asking Price Apartments + Houses: $6,440,048
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 181
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 22-28, 2014
| |
East |
West |
Midtown |
Downtown |
Asking $/sq.ft. |
Totals |
Co-ops |
|
|
|
3 |
Avg. Asking: $ 4,681,667
|
3 |
Condos |
1 |
|
2 |
3 |
Avg. Ask: $6,262,500
Avg. Price: $2,2611/sq.ft.
Avg. Size: 2,398 sq.ft. |
6 |
Condops * |
1 |
|
|
|
Avg. Ask: $4,500,000
Avg. Price:$1,524 /sq.ft.
Avg. Size: 2,952 sq.ft. |
1 |
Townhouses |
1 |
1 |
|
1 |
Avg. Ask: $8,233,333
Avg. Price: $2,148/ sq.ft.
Avg. Size: 3,833 sq.ft. |
3 |
Totals |
3 |
1 |
2 |
7 |
|
13 |
Total Weekly Asking Price Sales Volume: $$80,820,000
Average Asking Price: $$6,216,923
Median Asking Price: $$5,800,000
Average Discount from Original Ask to Last Asking Price:10%%
Average Days on Market:386
*Condop is a co-op with condo rules.
TO VIEW 10 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com
Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com
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