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

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Manhattan Luxury Real Estate Report – October 10

The long dismal slow spell in the luxury $4M and over market started in the summer and continued into early fall broke last week. There was 20 signed contracts. Condos outpaced co-ops 14 to 4. Downtown as usual is in the lead with 8 signed contracts. The biggest news is that there were 5 condos that sold for over $10 million a segment of the market that is the weakest. Let’s hope the dry spell is over!

Here is the breakdown according to neighborhood:

East West Midtown Downtown Totals
Co-ops 1 1 0 2 4
Condos 2 5 1 6 14
Townhouses 0 1 1 0 2
Totals 3 7 2 8                       20

Top Stats for the Week

  • Weekly Sales Volume Total $214,759,000 versus $113,550,000prior week
  •  Average asking price was $10,737,950 versus $6,679,412 the prior week.
  • The average number of days on the market was 280 versus 426 versus 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 4% versus 6% versus the
  • prior week.
  • The Number 1 signed contract was a new development condo a at 160 Leroy Street #PHN
  • asking $51 million raised from original asking price of $48.5 million
  • The Number 2 signed contract was a resale condo at 15 Central Park West #14D asking $31.5
  • Million reduced from $38 million.

Celebrity Real Estate News

Jennifer Lopez Lists Her Divine Penthouse For $27 million

Celebrity Photographer’s 3 Penthouse Combo Hits The Market For $20 Million

Keith Richards Relists Greenwich Village Duplex For $12 Million

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

Luxury Buzz

Sales Launched At Rafael Vinoly’s New Manhattan Tower

Be sure to check out my new blog this week, Four Reasons When You Should Walk Away From A Deal. Also, check out my latest video, How To Sell A Stale Or Expired Listing.

Did you miss this article from Mansion Global? I was thrilled to be interviewed about Manhattan’s “Carnegie Hill” neighborhood.