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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WEEKLY CONTRACTS SIGNED APARTMENTS $4 to $4.995 Million:
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WEEKLY CONTRACTS SIGNED: 2 TOWNHOUSES $4 Million and Above:
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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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