The biggest winter storm of the year couldn’t stop the $4 million and over real estate sales with 30 contracts last week! Condos trumped co-ops 23 to 6. Downtown continues to lead the market. Listen up! Here is some important news! There was a big uptick in the $5M or more market with 28% increase in signed contracts in January and 43% in February compared to the same months in 2016 according to an article that just appeared last week in the WSJ. It’s a must read!
Here is the breakdown according to regions
Average asking price was $6,805,167 versus $9,183,888 the prior week.
The average number of days on the market was 305 versus 421 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 7% versus 14% the prior week
The Number 1 signed contract was at a new development condo at 207 West 79th Street # 11 asking $12.5 million
The Number 2 signed contract was at a co-op at 875 Fifth Avenue # 19A asking $11,050,000 reduced from $13.25 million
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