The Real Deal New York

Median asking price of luxury pads drops to $6M in Q2: Olshan

Total sales volume in Q2 fell 10% YOY to $2.5B
June 26, 2017 11:30AM

From top: 212 West 18th Street #14A and 319 East 51st Street

The number of contracts on pads asking more than $4 million may have jumped in the second quarter of 2017, but it seems these pricey apartments are cheaper than they were a year ago.

A total of 350 luxury contracts were signed in the quarter, according to Olshan Realty, a slight increase on 343 during the same period of last year. However, the overall sales volume for the quarter was $2.5 billion — a 10 percent year-over-year drop from just under $2.8 billion, according to Olshan.

The under-$6 million market is particularly hot, with the median asking price dropping to $5.95 million, the lowest since 2011. However, it’s taking much longer to sell — the average time on market went from 274 days in the second quarter of 2016 to 409 days this year, according to Olshan. Meanwhile, the average price drop from original asking price to contract price was 9 percent — the highest rate in five years.

Last week, a total of 29 luxury contracts were signed. The top contract was on condominium unit 14A at Walker Tower, last asking $15.2 million. The apartment spans nearly 3,000 square feet and features two bedrooms, 2.5 bathrooms and a 194-square-foot terrace off the master suite. It last sold for $9.4 million in 2013, records show.

The no. 2 contract was a townhouse at 319 East 51st Street, last asking $12.9 million. It has five bedrooms, five bathrooms and two powder rooms. Hedge fund executive Timothy Greatorex and his wife Deborah Greatorex paid $4.6 million for it 2011, according to reports.

Out of the 29 contracts signed last week, 20 were for condos, with an average asking price of $6.7 million. There were six contracts on townhouses ($6.7 million) and three on co-ops ($6.2 million). [Olshan]Miriam Hall