Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

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Manhattan Luxury Real Estate Report – October 18

The luxury $4 million and over real estate market continued to bounce back for the second week straight, with 21 signed contracts. Condos outpaced co-ops 14 to 6 and Downtown continues to lead with 9 signed contracts. The 2 top contracts of last week were properties owned by Sting and Bob Weinstein the brother of Harvey Weinstein.

Looking back on the 3rd quarter, the luxury real estate market saw the largest number of condo sales in two years and the co-op median sales price reached a 28 year record. Watch my latest market report video for more on what you need to know from Q3. Watch here.

Total Number of Manhattan Luxury Real Estate Contracts Last Week

The luxury real estate market continues to bounce back from the summer slump with 21 signed contracts vs. 20 the week prior.

East West Midtown Downtown Totals
Co-ops 2 1 1 2 6
Condos 0 4 3 7 14
Townhouses 0 1 0 0 1
Totals 2 6 4 9                       21

 

  • Weekly Sales Volume Total was $198,478,000 versus  $214,759,000prior week.
  •  Average asking price was $9,451,333 versus $10,737,95 the prior week.
  • The average number of days on the market was 472 versus 280 days the prior week.
  • 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from original asking price was 3% versus 4% the prior week.
  • The Number 1 signed contract was a resale condo owned by rock star Sting at 15 Central Park West 16/17B asking $56 million. The original purchase price was $26,983,625 from the developer in 2008.
  • The Number 2 signed contract was a townhouse at 39 West 70 th Street asking $17.9 million reduced from $19 million. The seller was Bob Weinstein who is Harvey Weinstein’s brother.

Celebrity Real Estate News

Sting Sells Massive 15 Central Park West Duplex For $50 Million

Bob Weinstein, brother of Harvey Strikes A Deal To Sell $18M UWS Brownstone

Take A Video Tour Of Jennifer Lopez’s Penthouse and Beck’s LA Home.

Tycoon’s Ex Seems Desperate To Sell $20 Million Manhattan Penthouse

Luxury Buzz

Take a first look at Sheldon Solow’s Billionaire Row residential building.

If you’re looking to sell your home, staging is key to getting a faster sale. Read my latest blog on Staging Your Home for a Photoshoot.