Seventeen contracts were signed last week at $4 million and above, wrapping up a year that saw an 18% decline in contracts over 2015. Year to date, 1102 properties had contracts signed totaling $8,937,866,862. The numbers are higher than 2012, but below the golden years of new condo development: 2013-2015.
The decline reflects classic price resistance. There was a 2% increase in the average asking price, but a 30% increase in the average days on the market—318 days. You read that right—it took more than two months longer to sell a luxury property in 2016 than in 2015. The average price drop from listing to contract signing was 6%, an increase from 5% in 2015. There was also a 5% decline in contracts signed at $10 million and above.
The steepest fall from grace was in co-ops: 25% fewer contracts at $4 million and above from 2015, signaling a continuing market shift in the luxury market to new condos that offer freedom of ownership, new infrastructure, robust amenities, and some hip architecture—particularly seen Downtown.
Overall, 76% of all apartment contracts at $4 million and above were condos—and 58% of those sales were in new construction sold off of floorplans. Downtown was clearly the most popular location, 49% of all luxury sales.
Last week, the No.1 contract was 43C at 432 Park Avenue, asking $17.625 million. The unit has 3,575 square feet including 3 bedrooms, 3.5 bathrooms, 12.5-foot ceilings, and windows that measure 10x10 feet. This is the 7th time this year that 432 Park has taken the top spot in this report. This new condo is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining, parking, a garden, and a children’s playroom.
The No. 2 contract was 10A at 275 West 10 th Street, asking $12.795 million, reduced from $13.295 million when it went on the market in March. The corner unit has 3,751 square feet including 4 bedrooms, 4.5 bathrooms, a 27’ x 25’ living room, an eat-in kitchen, and a 20-foot master suite. This prewar building, called the Shephard, was originally a rental that has been transformed into a condo with amenities that include a gym, basketball court, ping pong room, landscaped garden, and a library.
