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Manhattan Luxury Real Estate Report – May 8

 

The Manhattan luxury $4M and over market continues its strength in the number of signed contracts for the 14th straight week in the row. Condos outpaced co-ops 22 to 5. One townhouse was sold. Downtown led the market with 12 while the Eastside came in with 6.

What’s behind the good numbers? The spring market is getting a real lift due to some new developers getting on board and negotiating larger discounts to get deals done. They understand that the 2018 market has come down from the peak prices of 2014 & 2015. If you are thinking of selling your apartment this spring take a cue from the new developers and price your property correctly.

Top Luxury Real Estate Sales and Stats

Breakdown by Manhattan neighborhood:

East West Midtown Downtown Totals
Co-ops 1 2 0 2 5
Condos 4 3 5 10 22
Townhouses 1 0 0 0 1
Totals 6 5 5 12                   28
  • Weekly Sales Volume Total was $260,228,990 versus $236,808,990 the prior week.
  • Average asking price was $9,293,893 versus $8,777,430 the prior week.
  • The average number of days on the market was 666 versus 440 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 5% versus 16% the prior week.
  • The Number 1 & 2 signed contracts were 157 W 57 Floor 61B asking $29M and 52B asking $29.950M. According to Bloomberg News Extell discounted these unitis and the sold somewhere in the $24M range. Two recent sponsor sales had 15% discounts. There are 36 sponsor units out of the 90 original sponsor units.
  • The Number 3 signed contract was a sponsor condo sale at 45 East 22nd St #Floor 61 asking $24.65 million.

If you are curious about how to price your home, contact me today for a free pricing evaluation.