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Manhattan Luxury Real Estate Report – July 24

How to flip a new development condo

The $4M and over luxury Manhattan market began its cyclical summer slump two weeks ago with 14 signed contracts followed by just 13 signed contracts last week. It was the first drop of below the 20 benchmark number of signed contracts since the end of January. This is the time of year where many Manhattanites head to the Hamptons or other vacation destinations. The number of signed contracts were down 16 last week from the same time last year. The asking price sales volume was $98.65 million down 19.5% from the same time last year.

It was the first week that the Eastside saw no signed contracts since the beginning of 2016. Downtown was in first place with 9 signed contracts. Condos outpaced co-ops 9 to 4. The average days on the market were 426 and the average discount from the asking price was 10%.

Behind the numbers: You can see that in addition to the seasonal cyclical slump that there is a significant decrease in the number of signed contracts and asking price sales volume from the same time last year. These indicators point to a slower paced cooler market that is now buyer centric.

Top Manhattan Luxury Real Estate Sales and Stats

Since I posted my Q2 report last week, here is a snapshot of last week’s top sales and stats.

Here is the breakdown according to regions

East West Midtown Downtown Totals
Co-ops 3 1 0 0 4
Condos 2 3 1 2 8
Townhouses 0 1 0 2 2
Totals 5 4 1 4                 14

 

  • Weekly Sales Volume Total was $140,924,999 versus $138,460,790 the prior week.
  • Average asking price was $10,066,071 versus $6,923,040 the prior week.
  • The average number of days on the market was 408 versus 269 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 remained at 5%.
  • The Number 1 contract was a penthouse co-op at 6 West 77th Street asking $22.5 million
  • The Number 2 contract was a townhouse at 26 Downing Street at $20.995 Million reduced from $23.5 Million

And here are this week’s numbers.

Here is the breakdown according to regions

East West Midtown Downtown Totals
Co-ops 0 0 1 3 4
Condos 0 2 1 6 9
Townhouses 0 0 0 0 0
Totals 0 2 2 9                 13

 

  • Weekly Sales Volume Total was $98, 658,000 versus $140,924,999 the prior week.
  • Average asking price was $,7,589,077 versus $10,066,071 the prior week.
  • The average number of days on the market was 426 versus 408 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 10% versus 5% the prior week.
  • The Number 1 contract was a new condo at 10 Riverside Boulevard #36A asking $15.5 million
  • The Number 2 contract was a new condo at 177 Fifth Avenue #48B asking $11.8 Million.