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

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Manhattan Luxury Real Estate Report – November 5th

The $4 million and over Manhattan luxury market saw 24 signed contract last week. It was the second week in a row that the market saw an over 20 benchmark number of signed contracts. Condos led co-ops 16 to 3. 11 of the condos were new development. Five townhouses were in the mix. Downtown led the market with 11 followed by midtown with 8. The average discount dropped to 8% from 17% the week prior. The days on market increased to 783 from 541. Here is a snapshot of the overall October market through all price points. There were 951 contracts signed 61.7% from September and up 4% from the prior year. The number of resale contracts were 724 up 64.2% from September and up 3% from the prior year.

Behind the Numbers!

The number of signed contracts are up 4% from last year due to falling prices and buyers moving forward to take advantage of the opportunities out there.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 1 0 0 2 3
Condos 1 1 7 7 16
Townhouses 0 2 1 2 5
Totals 2 3 8 11               24
  •  Weekly Sales Volume Total was $179,019,990 versus 156, 559,500the prior week.
  • Average asking price was $7,459,166 versus $6,500,000 versus the prior week.
  • The average number of days on the market was 783 versus 541 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 was 8% versus 17% the prior week.
  • The Number 1 contract was at One57 the condo at 157 West 57th Street #46C the One57 asking $19.9M.
  • The Number 2 contract was a condo at 150 Charles Street #6BS asking $16.995M. The seller purchased off loor plans for $12,258, 488.