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January 23-29, 2012

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 23-29, 2012: 7 Contracts Signed

The week ended with 7 contracts signed, capping the slowest January since 2009, despite the strong year to date performance of the stock market. Here are the results of contracts signed in the over-$4 million range in the past 5 years:

2007: 47 apartments
2008: 31 apartments
2009: 14 apartments
2010: 37 apartments
2011: 34 apartments + 5 houses = 39 total*
2012: 18 apartments + 7 houses = 25 total*

There are several theories as to why the slump occurred. Maybe the well-publicized slash in Wall Street bonuses was to blame, combined with a shortage of inventory. Hopefully, the stock market will continue to rise, inspiring confidence in potential buyers.

The No.1 contract was PH2009 at 1 Central Park South, asking $33.5 million. This triplex 4 bedroom, 4.5 bathrooms penthouse has 6,319 square feet and is in The Plaza Condominium. In 2008, PH2009 was sold with an adjoining unit for $53.5 million to a Russian buyer. The buyer was unhappy with the combined units and sued the developer for his deposit back. Eventually, he settled on purchasing one of the penthouses, which he resold. The developer kept one of the units--Penthouse 2009--and put it back on the market in April 2011, asking $37,500,000. It was reduced by $4 million in October before it sold.

*Olshan Luxury Report did not start tracking townhouse sales until August 2010

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 23-29, 2012

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops						0
Condos	1	1	1	1	Avg. Price: $3,384/sqft. Avg. Size : 3,879sq.ft.	4
Condops *			1		Avg. Price: $2,488/sq.ft. Avg. Size: 2,391 sq.ft.	1
Townhouses		1		1	Avg. Price: $1,309/.ft. Avg. Size: 3,744 sq.ft.	2
Totals	1	2	2	2		7

*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $68,950,000
Average Asking Price: $9,850,000
Median Asking Price: $6,806,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 194

TO VIEW January 23-29, 2012, 2011: 5 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/12032942874bcd.htm

TO VIEW January 23-29, 2012: 2 CONTRACTS SIGNED ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/120329c7d78573.htm

Report Prepared by:

Donna Olshan
dso@olshan.com
January 23-29, 2012

Want to see a copy of the past marketing reports?
April 2001
December 2001
April 2002
November 2004
November 2008
November 14-21 2010
November 22-28, 2010
2010 HOLIDAY MARKET REPORT
November 29-December 5, 2010
December 6- 12, 2010
December 13-19 2010
December 20-26, 2010
December 27, 2010 - January 2, 2011
Manhattan Townhouse 2010 Market Report
January 3, 2011-January 9, 2011
January 10-16, 2011
January 17-23, 2011
January 24-30, 2011
Manhattan 2010 - Over $2 Billion in Sales
January 31-February 6, 2011
February 7-13, 2011
February 14-20, 2011
February 21-27, 2011
February 28-March 6, 2011
March 7-13, 2011
March 14-20, 2011
March 21-27, 2011
March 28-April 3, 2011
April 4-10, 2011
April 11-17, 2011
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April 25- May 1, 2011
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July 11-17, 2011
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July 25-31, 2011
August 1-7, 2011
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October 3-9, 2011
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November 14-20, 2011
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December 5-11, 2011
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December 19-25, 2011
December 26, 2011 - January 1, 2012
January 2-8, 2012
January 9-15, 2012
January 16-22, 2012