OLSHAN LUXURY MARKET REPORT

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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
President
dso@olshan.com

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

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