Luxury homes in Manhattan are staying on the market for over 100 days longer than they were a year ago, as demand weakens amid an oversupply and concerns over the global economy.
Olshan Realty’s latest snapshot of the $4 million-plus luxury home market in Manhattan found that, last week, the average number of days on the market was 398, compared to 283 for the same week in 2015.
At the same time, the average discount from original asking price to last asking price reached 14% during the week ending September 4th, compared with 5% a year earlier; the median asking price was $4.56 million.
Nevertheless, 16 contracts were signed last week at $4 million and above. Those results are on par with last year when the same number of contracts were signed in the week leading up to Labor Day.
The No. 1 contract was a townhouse at 49 East 68th St. on Manhattan’s Upper East Side, asking $26.5 million, reduced from $38 million when it went on the market in March 2015.
This 25-foot-wide, five-story Georgian house has 12,500 square feet, including six bedrooms, five-and-a-half bathrooms, an elevator, and a half-court basketball court. It was purchased for $1.1 million in 1999 by artist Abby Leigh and her husband, Mitch Leigh, the composer of “Man of La Mancha.”
The No. 2 contract was the third floor at 18 Gramercy Park South, asking $15 million—up from $14.75 million when this new condo building hit the market in 2013. The apartment has 4,207 square feet, including four bedrooms, five-and-a-half baths, and a terrace off the master suite; the unit comes with a key to Gramercy Park.
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