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Manhattan Luxury Real Estate Report – September 4

Goldilocks loved the Manhattan luxury real estate market last week since it was not too hot, not too cold but just right for a normal slow last week in August. 16 contracts were signed in the $4 million and over luxury Manhattan market last week. Downtown lead the market with 8 contracts followed by the Westside with 4. Condos outsold co-ops 9 to 5. The average number of days on the market fell from 504 to 488. The average listing discount was 7% down from 11% the prior week.

How to Get Your Home Sold This Fall

1. Correct pricing is key in this buyer centric market. If you price too high then your apartment will just sit on the market. Avoid multiple price cuts that at the end of the day will cause you to get less money than if you priced it right from the start.

2. Hire a broker with the best marketing strategy to sell your apartment and who has a marketing team including a marketing director, a top stager, top property photographers and a creative video team. How your home is marketed really matters in this buyer centric market.

Top Manhattan Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 2 1 0 2 5
Condos 0 2 2 5 9
Townhouses 0 1 0 1 2
Totals 2 4 2 8               16
  •  Weekly Sales Volume Total was $115,241,500 versus $195, 518,000 the prior week.
  • Average asking price was $7,202,594 versus $8,146,583 versus the prior week.
  • The average number of days on the market was 488 versus 504 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 7% versus 11% the prior week.
  • The Number 1 contract was at 13 Harrison Street #2 asking $11.5M reduced from $16.995M.
  • Number 2 spot was a tie between a co-op at 812 Fifth Avenue #Floor 17 asking $9.950M that sold for $10.6M in 2011 and a townhouse at 52 West 85th street also asking $9.950M.