Luxury contract signings in Manhattan were up last week, but it’s a little too early to celebrate.
Fifteen contracts above $4 million were signed between January 13 and 19, according to the Olshan Luxury Market Report. That was four more than the previous week, but signings overall have been sluggish in 2020, with the first two weeks of January marking the worst start to the year in seven years.
The figures suggest a continuation of 2019, with little evidence of recovery in the luxury market. “At this point, we have 34 contracts signed [in 2020], and last year we had 37,” said Donna Olshan, who authors a weekly market report. “It’s not that much different.” (In 2017, there were 68 luxury contract signings in the same time period.)
Last week’s properties, a mix of six co-ops, seven condos and two townhouses, represented a total asking price of $126.3 million.
The priciest contract was unit 50C at the Christian de Portzamparc–designed 157 West 57th Street. It was listed for $21 million in October 2018 and went into contract with an asking price of $16.5 million. The seller initially paid $19.35 million when they bought it in April 2015.
The trend is noticeable across the pool of 15 properties, 11 of which had price reductions. The average price discount between first and final asking price was 17%, the report showed.
The four properties asking above $10 million were hit the hardest, with an average price reduction of 28 percent and an average of 626 days on the market. “The higher you go in price, the greater degree in difficulty and the much longer marketing demand,” Olshan said.
The second priciest contract was an 11th-floor co-op apartment at 88 Central Park West with three bedrooms, a music room and a library. Listed in September, it was asking $13.495 million.
The average number of days on the market for all the properties was 591.
Write to Sylvia Varnham O’Regan at [email protected]