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February 7-13, 2011
NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
BREAKING NEWS: THE BIGGEST SALES WEEK SINCE THE LEHMAN CRASH
February 7-13, 2011: Total Sales: 31 Contracts Signed
Breaking News: This is the biggest week for contracts signed at asking prices of $4 million and above since the Lehman Brothers crash in September 2008. Last week, 31 luxury properties went under contract totaling $206,979,705 in asking prices. This is triple the volume of an average week in 2010. The average asking price was $6,676,765 and half of the units sold within 90 days. The average discount between the original asking price and the last ask was 4%. The question is whether this will be a one-week wonder or a sign of a trend. It's too early to call the market. Since the Lehman crash, there was one other extraordinary week: November 16-22, 2009, when 27 properties went under contract, and that week did not signify a turning point.
But the combination of a stronger stock market, more positive economic indicators, and tightening inventory sets the stage for a more robust luxury market.
The No. 1 sale of the week was the highly prized corner 9-room co-op in The Beresford, 211 Central Park West, apartment 15D, asking $16.5 million. This apartment was on the market for 28 days before it went under contract. It's on a higher floor and asked less than the $17,850,000 that Citicorp CEO Vikram Pandit paid for 6D in 2007.
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 7-13, 2011
| | East | West | Midtown | Downtown | Asking $/sq.ft. | Totals |
Co-ops | 9 | 4 | | | | 13 |
Condos | 1 | 3 | | 11 | $1,854/sq.ft.
2,673' avg. size
| 15 |
Condops * | | | | 1 | $3,170/sq.ft.
5,000' avg. size | 1 |
Townhouses | | | | 2 | $1,057/sq.ft.
4,561' avg. size
| 2 |
Totals | 10 | 7 | | 14 |
| 31 |
Total Asking Price Sales Volume: $206,979,705 Average Price: $6,676,765
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 158
*Condop is a co-op with condo rules.
WEEKLY CONTRACTS SIGNED APARTMENTS $5.995 to $16.5 Million:
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http://media.realplusonline.com/webreports/110415aafd4073.htm
WEEKLY CONTRACTS SIGNED APARTMENTS $4 to $4.995 Million:
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http://media.realplusonline.com/webreports/110415655fdd2c.htm
WEEKLY CONTRACTS SIGNED: 2 TOWNHOUSES $4 Million and Above:
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http://media.realplusonline.com/webreports/11041576ea5167.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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