Brokers expect more $90M-plus listings

TRD New York /
Jul.July 20, 2012 08:30 AM

It’s been more than seven months since reports of the $88 million sale of Sanford Weill’s 15 Central Park West penthouse emerged, yet, in light of the recent $90 million-plus contract on a One57 penthouse and Steve Wynn’s $70 million purchase at the Ritz-Carlton, it continues to reverberate through the city’s real estate market. Brokers told the New York Times that they expect a slew of high-priced homes, including a handful asking more than $90 million, to hit the market in the near future.

“A lot of high-end buyers and sellers want to get on the gilded bandwagon,” Core CEO Shaun Osher told the Times. Sellers figure that with much of the globe mired in financial troubles, the world’s wealthiest are looking for investments in high-end cities, like New York.

But for the brokers listing these properties, setting an asking price can prove difficult. They factor in building qualities, views, ceiling heights, finishes, layout, and outdoor space. However, it’s still largely based on emotion, not ration.

As appraiser Jonathan Miller told the Times, sellers “take the highest sale [they] can find and apply some methodology in a very subjective way to talk [themselves] up to this bigger number.”

Though there are more billionaires in the world than trophy apartments, Prudential Douglas Elliman Chairman Howard Lorber said brokers must remind sellers who look to billionaires to pay above-market prices that those prospective buyers didn’t make their money by overestimating markets. [NYT]


Related Articles

arrow_forward_ios
Howard Lorber and a rendering of the Bristol

Howard Lorber picks up unit at the Bristol in West Palm Beach

E.B. Solomont (Photo by Anuja Shakya)

The Real Deal’s E.B. Solomont receives Front Page Award

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

Steve Wynn and 1960 South Ocean Boulevard (Credit: Sotheby's and Getty Images)

Disgraced casino mogul Steve Wynn drops $43M on Palm Beach estate

The penthouse at 50 Central Park South (Credit: Google Maps, Corcoran via Compass, iStock)

The Ritz-Carlton’s Central Park penthouse is back on the market

Sam Chang and 40 West 45th Street (Credit: Google Maps and iStock)

Sam Chang can now purchase 160 elite racing pigeons

15 Central Park West and Och-Ziff Capital Management founder Daniel Och (Credit: StreetEasy and Getty Images)

Daniel Och wants $12K a foot for his 15 Central Park West penthouse

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

arrow_forward_ios