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January 31-February 6, 2011
NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 31-February 6, 2011: Total Sales: 14 Contracts Signed
I am looking for signs but I am not seeing them. So far, 2011 is unchanged from 2010,
except for the weather. But one thing is clear: buyers and brokers are suffering snow fatigue. I don't remember a winter this bad but the bright side is bonuses are starting to come in. One thing I am carefully watching is the negotiability factor. It's all over the place depending on the property. In January, the average property was discounted 18% from the original asking price before it sold, and this week the average discount was 11%. The sales breakdown: 6 co-ops, 5 condos and 3 townhouses.
The No. 1 sale of the week was 983 Park, apartment 9A, which has 10 rooms and hit the market in 2007 for $9 million. It sold in May of last year but the co-op board rejected the buyer. Subsequently, the property was taken off the market. The unit was relisted last month for $8,250,000 and sold in 5 weeks.
There was a flurry of activity in the townhouse market. Small houses seem to be moving. Three houses sold last week?all on the Upper East Side with an average asking price of $5.7 million, an average size of 3,867 sq.ft. and an average of 202 days on the market. There have been 8 townhouse sales in Manhattan since January 1 and all have been below $8 million.
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 31-February 6, 2011
| | East | West | Midtown | Downtown | Asking $/sq.ft. | Totals |
Co-ops | 4 | 2 | | | | 6 |
Condos | 2 | 1 | | 2 | $2,028/sq.ft.
Avg. size = $2,835' | 5 |
Condops * | | | | | | 0 |
Townhouses | 3 | | | | $1,244/sq.ft
Avg. size = 3,867' | 3 |
Totals | 9 | 3 | | 2 |
| 14 |
Totals: 14 Sales
*Condop is a co-op with condo rules.
WEEKLY CONTRACTS SIGNED: APARTMENTS $4 Million and Above
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http://media.realplusonline.com/webreports/1104087bb93994.htm
WEEKLY CONTRACTS SIGNED: TOWNHOUSES $4 Million and Above:
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http://media.realplusonline.com/webreports/11040861c5c5fe.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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