The Real Deal New York

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

22 luxe contracts signed during another positive week
October 23, 2017 08:40AM

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