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Residential
New York

Long lead time: Luxury pads spending 15 months on market

Olshan Realty reports slowest August since 2012

From clockwise: 1133 Fifth Avenue,20 West 53rd Street, 142 East End Avenue, 820 Park Avenue and 301 East 10th Street
From clockwise: 1133 Fifth Avenue,20 West 53rd Street, 142 East End Avenue, 820 Park Avenue and 301 East 10th Street

The luxury slowdown is real.

Pads priced at $4 million-plus are lingering on the market for around 15 months, according to Olshan Realty’s [TRDataCustom] latest market report. On average, that’s 462 days, the report found.

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One result? A slower-than-normal summer market, with 93 contracts signed for properties $4 million and up this month — the first August since 2012 where the number of contracts didn’t hit 100. For the week of Aug. 22-28, there were 13 contracts signed, compared to 22 for the same week last year.

Last week’s total weekly asking price sales volume was $102.6 million with an average asking price of $7.9 million.

The No. 1 contract was a 4,545-square-foot condo at the Baccarat Hotel & Residences at 20 West 53rd Street, asking $22 million down from $23.5 million in March 2013. The No. 2 contract was a four-bedroom co-op at 1133 Fifth Avenue, asking $15.8 million down from $18 million in January. [Olshan Realty] — E.B. Solomont

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Olshan Realty