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

Total sales volume in Q2 fell 10% YOY to $2.5B

New York /
Jun.June 26, 2017 11:30 AM

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


Related Articles

arrow_forward_ios
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”
For 15 years, David Koch lived at the world’s “richest building”
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
Some 40 million US homes at risk from extreme 2022 weather
Some 40 million US homes at risk from extreme 2022 weather
Hana Ranch in Maui. (Sotheby's International)
Mammoth Maui cattle ranch hits market for $75M
Mammoth Maui cattle ranch hits market for $75M
One of the pools at the Brooklyn Tower. (TheBrooklynTower.com)
Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
The U.S. housing market sets new record for home sales and prices in July 2020. (iStock)
Moody’s chief economist says housing correction — but not crash — is on the way
Moody’s chief economist says housing correction — but not crash — is on the way
Brokerages take different approaches to social media ads
To automate or customize? Brokerages split on social media ad formulas
To automate or customize? Brokerages split on social media ad formulas
Skyline Tower in Hunters Point, Queens, and Downtown Brooklyn’s 11 Hoyt are the two largest condo developments in their boroughs. (Skyline Tower, 11 Hoyt, iStock)
TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
(IStock, photo-illustration by Steven Dilakian/The Real Deal)
On the front lines in Texas’ Ranch wars
On the front lines in Texas’ Ranch wars
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...