OLSHAN LUXURY MARKET REPORT

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August 8-14, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
August 8-14, 2011: 5 Contracts Signed

Normally, an average of 8 contracts is signed at $4 million and above in the second week of August, going back to 2007. There were only 5 contracts signed last week, not surprising when you consider the rollercoaster volatility of the stock market. What this portends for the post- Labor Day real estate environment is anybody’s guess.

Two of the contracts represented big losses on sale. One was a duplex condo at 170 East End, Apartment 10/11B, which was asking $5.75 million, reduced from its original closed price of $6,873,188 in November 2008. The other was a townhouse at 113 East 61st Street, asking $9.5 million, which fell into foreclosure after selling for $11,850,000 in May 2008.

The No. 1 contract was a 3 bedroom, 4 bathroom co-op at 795 Fifth Avenue, Apartment 1207, asking $10.5 million. This Pierre Hotel unit has 49 feet of frontage overlooking Central Park and a small kitchen off the foyer. The apartment needs updating.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 8-14, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

 

 

 

 

1

Condos

1

 

 

2

Avg. Price: $2,396/sq.ft.
Avg. Size : 2,559.ft.

3

Condops *

 

 

 

 

0

Townhouses

1

 

 

 

Avg. Price: $1,667/sq.ft.
Avg. Size: 5,700

1

Totals

3

 

 

2

 

5


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $38,400,000
Average Asking Price: $7,680,000
Median Asking Price: $5,750,000
Average Discount from Original Ask to Last Asking Price: 8.5%
Average Days on Market: 430

TO VIEW August 8-14, 2011: 4 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/111013b6bfdc4b.htm

TO VIEW August 8-14: 1 CONTRACTS SIGNED ON A TOWNHOUSE:
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/1110139473fdbe.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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