Oh no! Luxury contracts drop to lowest level of the year

Just 12 contracts above $4M were signed last week

From left: 417 East 84th Street and 26 Bank Street
From left: 417 East 84th Street and 26 Bank Street

The last week of August lived up to its reputation as a real estate dead zone, with just 12 contracts signed at $4 million and above.

Out of the 12 contracts signed between Aug. 28 through Sept. 3, according to the weekly report from Olshan Realty, eight were on condominiums (with an average ask of $4.8 million), two were for co-ops ($5 million) and three were for townhouses ($12 million).

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The top contract was on 26 Bank Street, British technology entrepreneur and investor Jos White’s home that was last asking $19.5 million, down from its original ask of $26 million. The 4,625 square foot house, 19th-century home has four bedrooms, staff quarters, a garden, a roof deck and two terraces.

The no. 2 contract was on the townhouse at 417 East 84th Street, last asking $9 million, a nearly $1 million reduction from its original price in February. The home has five bedrooms across 6,000 square feet. The owners paid $4.4 million for it in 2008 and did a full renovation on the property.

The total weekly asking price sales volume was $78 million. The median asking price was $4.9 million. The average discount from original price to last asking price was 11 percent and the average days on market was 362. During the same period last year, there were 16 contracts signed at $4 million and above. [Olshan]Miriam Hall