Long lead time: Luxury pads spending 15 months on market

Olshan Realty reports slowest August since 2012

TRD NEW YORK /
Aug.August 29, 2016 09:29 AM

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 TRData LogoTINY latest market report. On average, that’s 462 days, the report found.

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


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Vornado Realty Trust’s Steven Roth and 220 Central Park South (Credit: Roth by Bruce Glikas/FilmMagic; Jim.henderson via Wikipedia Commons)

Vornado inks another $52M closing at 220 Central Park South

Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)

John Legend, Chrissy Teigen snap up another Nolita penthouse

Marc Jacobs with 68 Bethune Street (Credit: Jacobs by Randy Brooke/WireImage; Townhouse by Nest Seekers via StreetEasy)

Marc Jacobs gets what he paid for West Village pad: $10.5M

The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Dennis and Karen Mehiel with 3 East 95th Street (Photo by Will Ragozzino/Patrick McMullan via Getty Images; Sotheby's)

Carhart Mansion duplex returns to market after four years

arrow_forward_ios
Loading...