Pete's NYC Luxury Real Estate Market Report April 8-14, 2024
"The trend is not your friend" Financial market phrase that traders and brokers would use when the market continuously moves against them.
Luxury real estate sales for homes above $4 Million were pretty underwhelming last week. The total number of contracts signed fell about 30% to 18, representing a total value of just over $133 Million, also significantly lower than the prior week. The average asking price came in at $7.4 Million and the median ask was $6.995, both higher than last week in contrast to the tepid sales figures. Despite the fact that it took these signings an average of about 2 1/4 years to get into contract, the discount from first listing price was only 8%.
Condo sales commanded the luxury market last week with a robust 78% market share. Coops and Townhouses split the difference to make up the balance with 11% apiece.
If I had $15.995 Million lying around, I 100% would have bought the #1 luxury contract signing from last week! 1965 Broadway #PH3BC, is a stunning penthouse triplex in Lincoln Square with 365 degree views of the city, the Hudson River, and Central Park and over 2000 sqft of outdoor space to see it all at the same time. The interior views are also drop dead and with a total of 6867 sqft. the $ per foot comes in at around $2339. Add in the 2K of outdoor space and all of a sudden this gem is actually a great value. Apparently I'm not the only one to think so because it only took 22 days to get into contract since it was last listed. I say last because after it sold in 2017 for $22.95 Million, the very next year it was listed, and failed to sell when it was listed for a head scratching $36.5 Million. Fast forward to today and it goes into contract roughly 30% lower than when it sold in 2017. Any conspiracy theorist would deduce a tax write off sale and my guess is that they wouldn't be very far off the mark.
Have a great week!
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Credit: The Olshan Report