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Manhattan Luxury Real Estate Report – August 20

The number of signed contracts in the $4M and over Manhattan real estate market jumped to 19 last week, 58% higher than the ultra low 12 of the prior . July and August thus far are sluggish . Downtown led the market with 9 contracts followed by the West Side with 4. The average days on the market were a soaring 676 and the average listing discount was 11%.

Here’s what you need to know! Over half of the apartments sold were from new development and were downtown. Sellers and developers who are adapting more quickly to this new buyer’s market are able to sell their properties. It was the 7th time this year that 432 Park held the number 1 or number 2 positions.

My recommendation to sellers!

Sellers if you want to have the “competitive edge ” in this sluggish market you must be willing to quickly correct your course and adjust your price. In this market if your price is not “compelling then it is not selling!”

My recommendations for buyers!

It is now your time to take advantage of the opportunities out there. However, do your homework carefully. Just going out and making a bunch of ” low ball’ offers probably won’t work in your favor. Most sellers will rent or take their property off the market before they sell it before a very low below the market price.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 1 1 0 1 3
Condos 2 2 3 7 14
Townhouses 0 1 0 1 2
Totals 3 4 3 9               19
  • Weekly Sales Volume Total was $172,317,500 versus $104,366,000 versus the prior week.
  • Average asking price was $9,069,342 versus $7,285,417 versus the prior week.
  • The average number of days on the market was 676 versus 697 versus 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 was 11% versus 17% the prior week.
  • The Number 1 contract was a resale at 432 Park Avenue Flr 77 asking $42 M reduced from $52 M.
  • The Number 2 contract was at 432 Park Avenue #40C asking $16.95M – Sponsor unit.