The $4M and over market had 15 signed contracts last week representing the lowest total since January. Is the luxury market losing the steam it gained in the first quarter or is this just a temporary pause? We shall see! For the first time in ages midtown tied with downtown for the number of signed contracts.
The biggest news in the luxury market last week was the signed contract of 1 Sutton Place #7A . It represented the highest recorded price ever for a co-op sale in the Sutton Place – Beekman area.
Total Number of Manhattan Contracts Signed $4M and over
15 Signed Contracts Versus 23 Signed Contracts Prior Week
- Average asking price was $6,906,333 versus $6,741,522the prior week.
- The average number of days on the market was 511 versus 360 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 6% versus 8% the prior week
- The Number 1 signed contract was 1 Sutton Place #7A asking $18M. What is significant about this is that it will be the highest recorded priced co-op sale in the Sutton Place –Beekman area!
- The Number 2 signed contract was at a non -doorman condo at 29 E 10th #PH asking $10.25M.
Stay tuned Wednesday for my Pulse 1st Quarter Manhattan Market Report Video. The number of sales in the resale market increased dramatically in the first quarter of 2017 compared to the same quarter in 2016.