Pete's NYC Luxury Real Estate Market Report July 1-7, 2024
The 4th of July holiday landed on a Thursday this year, pretty much ensuring that the majority of New Yorkers, and American patriots in general, also took Friday off to make it a 4 day weekend. Because of that, total sales in the NYC Luxury Real Estate Market once again dipped below the $200 Million mark, for the second consecutive week, to end up at $167 Million.
To be expected, most indicators also dropped along with the total sales #. Just 22 contracts were signed above $4 Million with the average asking price for these signings coming in at $7.6 Million and the average median price again stayed about the same at $5.9 Million. The average number of days these luxury homes were on the market was 409 and the discount from original asking price was 8%.
Condo's and condop's made up the majority of sales this past week with a 63.5% market share. Coop's accounted for 32% and, once again, Townhomes came in 3rd with just a 4.5% market share that came from 1 signing above $4 Million.
The #1 NYC Luxury Real Estate contract signing of the week (place drumroll soundtrack and fireworks imagery here), was Penthouse 76 at 430 East 58th St, the Sutton Tower new development. Last listed for $21 Million, this home was marked down from $25 Million when it was initially launched back in December of '22. This 4600 sqft has 4 beds, 4.5 baths and immaculate views of the east side of Manhattan and Brooklyn. It is also one of the only apartments with a Loggia that I can remember. (Loggia - an outdoor corridor or gallery with a fully covered roof and an outer wall that is open to the elements). This beautiful home designed by Thomas Juul-Hansen , takes up the entire 76th Floor of Sutton Tower and has 360 degree views of the NYC skyline.
It's hot out there, stay cool and have a fantastic week!
Contact me if you would like to know more about the NYC real estate market.
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Credit: The Olshan Report