Manhattan luxury homes saw predictably slow activity during the week of Independence Day, according to a weekly report from Olshan Realty.
Buyers signed 18 contracts for homes priced at $4 million or more in the week ending Sunday, one more transaction than in the week leading up to the Fourth of July, said the Monday report.
“Nothing to party about, but we’ll take it: After all, July 4th blew a hole in the week, as many buyers evacuated the city for fireworks elsewhere,” said Donna Olshan, president of Olshan Realty.
But it was a relief for those sellers who did bag a contract last week, as they’d been trying to sell their homes for an average of more than 15 months. The average seller also reduced the listing price a whopping 20% to get the deal done.
In total, $135.86 million in luxury homes went into contract last week, the lowest total volume in more than a month, the report found.
The reported top seller during the holiday week was a perfect example of long sales times and deep price cuts in the current luxury market climate: a condo asking $27.5 million on the 33rd floor of 50 Central Park South. The 4,536-square-foot home was on the market for five years and was once priced as high as $50 million.
The condo has 73 feet of direct views over Central Park, two bedrooms and three-and-a-half bathrooms.
The second most expensive home to find a buyer last week was a 25-wide townhouse asking $12.25 million.
The house needs a lot of TLC if the buyer wants to make it a single-family home, as it was subdivided into six apartments and still has an occupied doctor’s office on the first level and two rent-stabilized tenants in the building.
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