The Real Deal New York

Scorecard: If luxury sales prices are softening, sellers are not

A monthly roundup of news and data on the residential and commercial markets

December 16, 2015 04:55PM
By Will Parker

olshan-weekly-averageThere’s been much discussion lately about condo prices softening in the upper tier of the residential market. But some data suggest that sellers are holding steady — at least for now.

A TRD analysis of Olshan Realty data shows that asking price per square foot has varied only slightly since January of 2013.

“If there is one sector that is worrisome, it is the über- luxury market defined as units north of $10 million,” said Donna Olshan, CEO of Olshan Realty.
“No one knows how deep the buyer pool is for that product, and there are too many ultra-luxury condo projects being developed in the Midtown corridor, piling up on one another.”

In Queens, the luxury sales market is rising dramatically, if defined by sales of $1 million or more. A PropertyShark report shows that luxury home sales now well surpass pre-crisis numbers, with 287 luxury residential sales closed within the first 10 months of this year. In 2014, 228 transactions closed within the same time period.

“The homes are often going for higher than the asking price,” said Susanna Hof, a broker at Sotheby’s International Realty, speaking about properties priced under $1.5 million in the Forest Hills area of Queens.