The Real Deal New York

Marketing time for $4M-plus pads stretches to 311 days: Olshan

The average discount from June 13-19 was 11%
June 20, 2016 10:34AM

Good things come to those who wait? The luxury market logged 35 contracts signed on properties $4 million and up last week – a year-to-date record – thanks to properties lingering on the market just long enough to finally sell, according to Olshan Realty.

Properties spent an average of 311 days on the market, which prompted sellers to “face reality and drop their prices,” the report said. For the week of June 13-19, the total weekly asking price sales volume was $258.8 million, with an average asking price of $7.7 million and average discount of 11 percent.

“The luxury market is bloated and choking with a lot of over-priced inventory, but once sellers capitulate and adjust to realistic price levels, the market moves,” the report stated.

Last week, the top contract was a townhouse at 18 East 69th Street that hit the market last summer at $26 million. Most recently, the 24-foot house, which measures 7,831 square feet, was asking $22 million. It was purchased for $13.25 million in 2012 and then gut renovated and subdivided into a retail store, duplex three-bedroom and penthouse two-bedroom.

The No. 2 contract was a condo at 150 Charles Street asking $19.5 million. The 3,629-square-foot pad was purchased for $16.8 million in January and hit the market in May. [Olshan Realty] – E.B. Solomont