Last week $4M and over Manhattan luxury real estate sales fell to its lowest level in more than a month. 23 contracts were signed. Condo contracts lead 14 to 5 co-op contracts. Downtown is back in the lead with 11 signed contracts. One important thing to note in the ultra luxury market is that there have been 6 signed contracts this year so far that are priced at $35M or more!
Total Number of Manhattan Contracts Signed $4M and over: 23 Signed Contracts Versus 31 the prior week.
Here is the breakdown of Manhattan luxury real estate sales according to regions:
Average asking price was $9,652,074 versus $7,852,419 the prior week.
The average number of days on the market was 412 versus 340 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 9% the prior week.
The Number 1 signed contract was 4at 515 Park Ave #36/37 asking $35M. Seller made out very well! Purchase price was $10.7M in 2000.
The Number 2 signed contract was at a condo at the Carlton House at 21 East 61st Street #16A asking $17.9 million reduced from $22M.
A week doesn’t make a market! Let’s see what happens this week. Stayed tuned for my first quarter 2017 Manhattan market video report coming shortly.
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