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OLSHAN LUXURY MARKET REPORT

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January 28-February 3, 2013

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

15 Contracts Signed

The luxury market turned in a respectable showing last week with 15 contracts signed on properties at $4 million and above. But the big question remains: Will sales volume hold up in the midst of an acute inventory shortage? According to Streeteasy.com, Manhattan inventory declined 14.3% in 2012 from the previous year. In addition, the appraisal firm of Miller Samuel reported that 2012 ended with the lowest inventory in 12 years.

The No. 1 contract was Apartment 69B at 25 Columbus Circle, asking $13,985,000, reduced from $14,950,000 when it went on the market in September. Located in the Time Warner Center, this 3-bedroom, 3-bath condo has 2,317 square feet and spectacular views of Central Park.

The No. 2 contract was Apartment 74 at 1 West 72nd Street, asking $12,950,000, reduced from $14.5 million when it went on the market in June. This 8-room co-op, in the famed Dakota, has 3 bedrooms and 3.5 baths. All the rooms except the formal dining room and kitchen face Central Park. The unit has a handsome 27-foot corner living room with 12-foot ceilings, a fireplace, and a balcony.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 28-February 3, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

3

0

1

Avg.Price:$6,596,250

8

Condos

2

1

0

4

Avg.Price:$2,528/sq.ft.
Avg.Size:2,919sq.ft.

7

Condops *

0

0

0

0


0

Townhouses

0

0

0

0


0

Totals

6

4

0

5

15

Total Weekly Asking Price Sales Volume: $104,415,000
Average Asking Price: $6,961,000
Median Asking Price: $6,265,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:186
*Condop is a co-op with condo rules.

TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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