67 luxury transactions were signed in the third week of November to set a new record high.
Manhattan’s Luxury Market May Have Hit its Most Money-Spinning Week Ever
The third week of November saw 67 contracts inked for luxury homes in Manhattan for a combined $613.7M, according to the Olshan report which specializes in tracking Manhattan’s top-tier homes with asking prices of at least $4M.
The previous one-week record for luxury sales in Manhattan was set during December 2013. During that period of time, 72 contracts were signed for homes totaling a combined $576M.
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Median Asking Price Came in at Approximately $9M
Donna Olshan, author of the Olshan report and head of Olshan Realty, called the third week in November “extraordinary” for Manhattan’s luxury home market.
Olshan reported that 18 of the 67 luxury transactions were for homes asking more than $10M. The median ask price was just over $9M.
Developers “Doing Well”
Olshan said, “The developers are doing really well.” The majority of the 49 condominiums that went into contract were being sold by developers.
Olshan noted that the average discount from the original asking price came it at -4%, down from -6% during the second week of November. (The second week of November saw 60 signed contracts for a combined asking total of $553.8M.
Sixteen buyers purchased co-ops during the third week of November, the same number of co-ops purchased the week before and six contracts were signed for townhouse, two of which were the priciest listings of the week.
One townhouse, the most expensive contract, had a last asking price of $29.5M. The townhouse was divided into 13 rental units. The second most expensive listing had a last asking price of $27.5M, down from $39M. By the way, this listing had 2,220 square feet of outdoor space.
Thanks to the Olshan report and TheRealDeal.