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

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Manhattan Luxury Real Estate Report – July 25

The $4M and over Manhattan residential market saw 16 signed contracts last week. It is the fourth week in a row that the number of signed contracts have been below 20. Is it caused by the typical slow summer months or is it a trend?
Time will tell however I believe it to be seasonality and that the market will pick up in September.

Stay tuned for my 2nd Quarter Manhattan Market Report Video! Spoiler Alert! The number of sales increased significantly in the last quarter! Find Out Why!

Celebrity Real Estate News

Laura Mercier Beauty Mogul Lists Walker Tower Apartment for $11 Million

Bill Ackman Buys Another Pad At The Beresford For $9M

Dick Grasso Sells 7 Bedroom Long Island Home for $2.7 million

Luxury Real Estate Buzz!

One57’s Record Breaking Foreclosure Now Placed On Hold

Total Number of Manhattan Contracts Signed $4M & Over

16 Signed Contracts Versus 18 The Prior Week

“ Fourth Week In A Row Below 20 Signed Contracts”

Breakdown by Manhattan Neighborhood

East West Midtown Downtown Totals
Co-ops 1 0 1 0 2
Condos 0 3 2 6 11
Townhouses 3 0 0 0 3
Totals 4 3 3 6                           16
  • Average asking price was $7,659,875 versus $ 7,547,722 the prior week.
  • The average number of days on the market was 577 versus 455 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 9% versus 20%the prior week.
  • The Number 1 signed contract was a condo 551 West 21st Street # 16A asking $17.5 million reduced from $19.5 million when it immediately went on the market after closing at $15,905,700.
  • The Number 2 signed contract was a townhouse at 174 E 64th Street asking $13.9 million reduced from $15.5 million.
How does the market compare to last week? View my last report here.
Want to know the market value of your Manhattan home for sale or rent? Contact me for a free detailed pricing analysis.