LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 13-19, 2016

35 Contracts Signed

Here’s the good news: 35 contracts were signed last week at $4 million and above, a year-to-date record. One reason for the one-week surge is this: The average property was on the market for a lengthy 311 days, which finally prompted exasperated sellers to face reality and drop their prices an average of 11% from the original asking price. The luxury market is bloated and choking with a lot of over-priced inventory, but once sellers capitulate and adjust to realistic price levels, the market moves. Not coincidentally, the May and June weeks that showed the strongest activity of the year were also those that saw prices slashed.

The No. 1 contract was a townhouse at 18 East 69th Street, asking $22 million, reduced from $26 million when it went on the market last July. This 24-foot-wide, 5-story house has 7,831 square feet. It was purchased for $13.25 million in March 2012, and then gut renovated, dividing the house into 3 spaces: a retail store on the first two floors, a duplex 3-bedroom, and a penthouse 2- bedroom unit.

The No. 2 contract was Apartment 8AS at 150 Charles Street, asking $19.5 million. This new 3,629-square-foot condo was purchased in January for $16,843,387 and relisted in May. It has 5 bedrooms, 5.5 bathrooms, and 2 terraces totaling 1,174 square feet. The living room, master suite, study, and guest room access one of the terraces, which is landscaped and has direct views of the Hudson River. 150 Charles was one of the big condo hits, selling almost all its 91 units off of floorplans in the spring of 2013. Amenities include concierge, garage, fitness center, 75-foot pool, a children’s playroom, and 33,000 square feet of landscaped garden space.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 2 1 3 Avg.Ask:
$5,649,400
10
Condos 1 4 4 7 Avg.Ask:
$8,096,250

Avg.$/sq.ft.:
$3,070/sq.ft.

Avg.Size:
2,638 sq.ft.
16
Condops * 0 0 1 0 Avg.Ask:
$13,400,000

Avg.$/sq.ft.:
$2,581/sq.ft.

Avg.Size:
4,700 sq.ft.
1
Townhouses 6 1 0 1 Avg.Ask:
$8,653,125

Avg.$/sq.ft.:
$1,902/sq.ft..

Avg.Size:
4,551 sq.ft.
8
TOTALS 11 7 6 11 35
Total Weekly Asking Price Sales Volume: $258,804,000
Average Asking Price: $7,671,882
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 311
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 8 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

© 2016
Donna Olshan and Olshan Realty
All Rights Reserved











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