The Manhattan $4 million and over luxury market saw 14 signed contracts last week. It was the 11 straight week in the row that the market saw under 20 signed contracts and the weakest expanse of time since 2002. That said last week did include the long Labor Day weekend which is historically a slow time in the market. Next week will give us an indication whether the weakness is due to seasonality or is going to be a trend. Condos beat out co-ops 11 to 2. No townhouses were sold. Downtown lead the areas with 7 contracts. Read More
In this week’s blog I share my tips on Buying An Investment Apartment In Manhattan. This is an excellent time in the market if you are thinking of buying an investment apartment. Prices are lower than in the height of the market and the interest rates are still low.
Celebrity Real Estate News
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David Rockefeller’s 75- acre Westchester estate asks $22 million.
Steve Madden Snags A Bargain With A $12.2 Million Billionaire’s Row Condo
Swanky paid in John Legend & Chrissy Teigan’s old Nolita building sells for $4M
Inside the $62 Million Hampton’s Home Where Mick Jagger Partied
- Weekly Sales Volume Total – $111,045,000 versus $79,994,000 prior week
- Average asking price was $7,931,786 versus $6,666,167the prior week.
- The average number of days on the market was 680 Versus 362 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 3% versus 11% the
- same as the prior week.
- The Number 1 signed contract was a condo at 78 Irving Place Penthouse asking $20.9 million.
- The Number 2 signed contract at a condo at 305 East 51st Street # PHB asking $11.5 million
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