The ultra-luxury market had its worst week since Hurricane Sandy

Plus, total sales volume hit its lowest level in over a year: Olshan

New York /
Aug.August 21, 2017 10:00 AM

The city’s luxury market lagged again last week, with the total asking price dollar volume hitting $87.6 million — which is the lowest figure in 53 weeks. Yep, over a year.

A total of 14 contracts were signed at $4 million and above, according to the weekly report from Olshan Realty. There were no contracts on pads asking $10 million or more, something that hasn’t happened since the week of Hurricane Sandy in 2012, Olshan reports.

Out of the 14 contracts inked, seven were for condominiums (with an average asking price of $6.4 million.) Co-ops performed well, with six contracts signed ($6.7 million), which is the best week since the first week in June. There was just one contract on a townhouse, which was asking $8.5 million.

It’s been a particularly slow summer, with contracts on luxury manhattan apartments dropping to their lowest summer pace in five years, according to an earlier report from Olshan.
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The top contract was on co-op 8/9A at 830 Park Avenue, last asking just under $9 million. The nine-room duplex has three bedrooms, four bathrooms and a 31-foot living room. The no. 2 contract was the townhouse at 236 East 49th Street that went under contract at $8.5 million. The 19-foot wide home has five bedrooms and six bathrooms across five stories. The indoor space space spans 5,590 square feet and there is a 1,000 square feet for a garden, two terraces and a balcony, according to the listing.

The median asking price was $6 million. The average discount from original ask to last asking price was 4 percent. The average days on market was 470. [Olshan]Miriam Hall


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