Pete's NYC Luxury Real Estate Market Report June 3-9, 2024
All trends come to an end, and during the first full week of summer, the NYC Manhattan Luxury Real Estates streak of 7 consecutive weeks of total sales above $200 Million officially ended. That's not to say that it was a poor showing by any means at $193.3 Million, but as we have officially jumped with both feet into the season, the decline was not altogether unexpected.
As expected, the average asking price for luxury homes above $4 Million came down a bit from last weeks high, settling in at $8.06 Million and so did the average mean asking price at $6.2 Million. The average discount from initial asking price jumped up to 13% and days on the market stayed relatively flat in comparison to last week at 711.
In an exact carbon copy of last week in terms of market share, condominiums accounted for 71% of all luxury homes that went into contract. Coops, once again, came in second at 25% and townhomes were just 4% of the market.
The #1 contract signed for last week was the duplex penthouse apartment at 36 Bleecker St. Known as the Schumacher building, it was originally built in 1895 and converted to condominiums in 2015. #PHA has a total of 4,480 sqft of interior space and 1388 exterior, highlighting a rooftop atrium and wrap around terraces with beautiful views of the surrounding NoHo neighborhood. The seller paid $14.8 Million in 2019, showing roughly a 42% in their investment.
Have a great week!
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Credit: The Olshan Report