Manhattan’s luxury market has suffered its weakest second quarter since 2012 amid a glut of expensive properties for sale.
According to Olshan Realty’s latest health check of the market, 343 contracts were signed in the second quarter for properties worth $4 million or above, down from 402 during the same period last year. This was the lowest number recorded between April and June since 2012.
At the same time, the average number of days a property spent on the market increased from 221 to 274, and negotiability from the original asking price increased from 4% to 7%.
Yet, there was some good news for those who managed to sell their homes, as the average price increased by 6% over the same quarter last year — from $7.7 million to $8.2 million.
The top two apartments to go into contract last week were both duplex penthouse condos on the Upper East Side. The No. 1 slot was a 4,072-square-foot three-bedroom duplex at 400 East 67th St., asking $16.95 million, reduced from $21 million when it went on the market in July 2014. The unit last sold in 2011 for $11,226,206.
In second place was a 4,710-square-foot duplex at 141 East 88th St., which changed hands for $16 million. The unit has four bedrooms, six bathrooms, and a 1,211-square-foot terrace.
Owners of luxury homes that have been languishing on Manhattan’s real estate market will no doubt be hoping that the Brexit decision will bring more international buyers to New York.
“There is some benefit to the super luxury segment since London as a competitor is probably off the table for many global investors,” said Jonathan Miller, the chief executive of appraisal firm Miller Samuel.,
But he stressed that this won’t be a panacea.
“New York super luxury remains challenged by over supply — with more supply coming —but it’s still a better outlook for the market, if only a nominal amount.”
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