Luxury homes are spending an alarming number of days on market: Olshan 

22 luxe contracts signed during another positive week

TRD New York /
Oct.October 23, 2017 08:40 AM

140 West 12th Street #PH7A and Heather Kerzner (Credit: Getty Images)

The luxury market had another solid week with 22 contracts signed at $4 million and above, according to Olshan Realty’s luxury market report. But one metric should give developers and brokers cause for concern: the number of days on the market has climbed to more than 14 months over the past year.

Contracts signed in September and October spent an average of 447 days on the market, a roughly 30 percent jump over the average of 346 days a year ago, according to Olshan.

The priciest contract of the week went to a penthouse at the Greenwich Lane condo owned by Heather Kerzner, the ex-wife of South African billionaire hotel mogul Sol Kerzner.

The 4,317-square-foot duplex condo had an asking price of $19.9 million, down from the $22.5 million it had been asking when it hit the market in June. Kerzner bought unit PH7A in 2014 for $18.8 million.

The Plaza Hotel recorded the second-priciest contract of the week: a 2,656-square-foot condo with a 29-foot living room facing Central Park that was asking $15 million. Unit 1601 had been asking $18.3 million when it hit the market in April before taking a steep price chop.

“The seller is motivated to transact,” listing broker Howard Morrel of Engel & Volkers told The Real Deal in July. “There are a few properties for sale at the building and we want to be in line with the market.”

The total weekly sales volume for luxury contracts stood at $163.3 million, with a median asking price of $6.2 million. The average discount from the original asking price was 14 percent. [Olshan] – Rich Bockmann


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”

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Kelly Killoren Bensimon went from modeling to “The Real Housewives.” Now she’s taking a crack at real estate.

arrow_forward_ios