Manhattan luxury home market braces for dog days

Pace of high-priced contracts kept up, but dollar volume his five-month low

New York /
Jul.July 06, 2021 02:32 PM
21 East 61st Street and 200 Amsterdam Avenue (Photos via Extell, 200 Amsterdam)

21 East 61st Street and 200 Amsterdam Avenue (Photos via Extell, 200 Amsterdam)

Summer is officially here and along with it a likely slowdown in the Manhattan luxury home market.

Though the number of such contracts inked last week remained a healthy 33, the dollar volume dropped to the lowest total since the final week of January, according to the Olshan Report, which tracks contracts for homes in the borough asking $4 million or more.

The asking prices of those homes totaled just over $237 million, barely above the $235 million for 27 properties in the final week of January.

Of last week’s 33 transactions, 19 were condos but only six of the sellers were developers, a change from recent weeks where developers were responsible for the majority of condo sales.

Donna Olshan, the report’s author, called that “a telltale sign of summer.” Though the number of contracts maintained its “remarkable, astonishing” run, she said, Olshan expects to see prices of contracts fall as many of the year’s most desirable properties have already been spoken for.

Sales have picked up in recent months compared to a year ago, when pandemic restrictions crushed the city. Closed Manhattan condo and co-ops sales during the last three months increased by 40 percent year-over-year, according to Douglas Elliman’s second quarter report.

“As we chew through the inventory, the numbers are going to slip,” she predicted.

Last week’s most expensive home to go into contract was a 3,582-square-foot co-op at 21 East 61st Street. The three-bedroom pad features a library, Central Park views and 1,100 square feet of outdoor space. It was last asking $15.5 million, though the owner had paid $21.6 million in 2015.

The second priciest was a condo at 200 Amsterdam Avenue asking $14 million. The four-bedroom apartment spans 3,188 square feet and boasts a 326-square-foot terrace.

The average discount from the original to the final asking price was 5 percent, down from 8 percent the week before.





    Related Articles

    arrow_forward_ios
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    Existing home sales hit 15-year high in 2021
    Existing home sales hit 15-year high in 2021
    Joseph Tsai, executive vice chairman, Alibaba (Getty Images, LoopNet, iStock)
    Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
    Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
    1107 Fifth Avenue and Richard Eisner (CityRealty, The New Jewish Home)
    EisnerAmper co-founder sells Carnegie Hill co-op for $35M
    EisnerAmper co-founder sells Carnegie Hill co-op for $35M
    A photo illustration of Vishal Garg, chief executive officer, Better.com (Better.com, iStock)
    Better.com CEO returns to role after Zoom layoffs controversy
    Better.com CEO returns to role after Zoom layoffs controversy
    (iStock/Illustration by Steven Dilakian for The Real Deal)
    Black mortgage applicants’ rejection disparity surges
    Black mortgage applicants’ rejection disparity surges
    Redfin CEO Glenn Kelman (Redfin, iStock)
    Service divide at forefront of Redfin discrimination suit
    Service divide at forefront of Redfin discrimination suit
    Milo Founder and CEO Josip Rupena (iStock, Milo Credit)
    Crypto-rich but can’t buy a home? Now you can
    Crypto-rich but can’t buy a home? Now you can
    Side's Guy Gal and John Wollberg
    Brown Harris Stevens defector kicks off Side’s entrance into New York
    Brown Harris Stevens defector kicks off Side’s entrance into New York
    arrow_forward_ios

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

    Loading...