Seventeen contracts were signed in the luxury Manhattan $4M and over market representing an increase over the 11 signed contracts of the prior week. The third quarter numbers are just out and reveal that this is the weakest third quarter since the third quarter of 2012 a weak real estate year. The luxury market is down 11% in the number of signed contracts and sales volume ( the total sales dollar amount) from 2016. Condos outpaced co-ops 15 to 2. Downtown had the most signed contracts. Stay tuned for my third quarter market report video coming soon.
Here’s what you need to know. We have been coming off the peak 2014 -2015 market for the past two years. Sellers are beginning to negotiate down to meet the buyers in this more balanced market. It is a healthy market however unlike the peak times it will not support over pricing. The most important thing sellers need to do is get expert advice on how to price their home in this market. Pricing correctly is critical to get your home sold successfully.
Celebrity Real Estate News
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Ivanka Trump’s Apartment Gets Another Price Chop
The Bey Area: Knowles Sneakily Sells Midtown Pad For $10 million
Former President Obama is Shopping For A New York Pad
Bitcoin: Posh London Townhouse For Sale For Cryptocurrency
Total Number of Manhattan Contracts Signed $4M & Over
There were 17 signed contracts compared to a low 11 the week prior. With the 3rd quarter numbers out this was officially the weakest 3rd Quarter in the luxury market since 2012.
- Weekly Sales Volume Total – $113,550,000 versus $61,047,990 prior week.
- Average asking price was $6,679,412 versus $5,549,817 the prior week.
- The average number of days on the market was 426 versus 322 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 6% versus 9% versus the
- prior week.
- The Number 1 signed contract was a new development condo a at 252 East 57th Street #64A asking $13.7 million.
- The Number 2 signed contract at a co-op at 10 Gracie Square #10G asking $10 million.
- NY Post Page Six article stated that it might have been purchased by the Obamas.
Check out my interview in Mansion Global about Carnegie Hill and it’s long-time Luxury status.