Manhattan’s Luxury Home Sales Hit by Summer Slowdown

The lowest number of expensive homes since February changed hands in Manhattan last week as the annual summer slowdown kicked in.

According to Olshan Realty’s latest health check of the market, only 17 contracts for $4 million or more were signed last week, down from 18 the previous week and 25 between June 27 and July 3.

The median asking price was $6.4 million, while the total average discount from the original ask was 4%. Properties spent an average of 430 days on the market.

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“The dog days of August seem to have arrived a little early this year, at least in the Manhattan luxury real estate market,” said Donna Olshan, president of Olshan Realty. “Only 17 contracts were signed last week at $4 million and above—one less than the previous week, which was nothing to shout about. Ten of the 15 condos that sold were in new developments; some of them went on the market several years ago.”

The No. 1 contract last week was a brownstone at 451 W. 24th St. in Chelsea, with an asking price of $13.75 million, that sold within a month of listing. The four-story house was purchased in 2007 for $4.4 million, then underwent a multi-year renovation that expanded the building to 5,000 square feet, including four bedrooms, a terrace off the master suite and a landscaped garden.

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The second most expensive sale was at 10 West St. in the West Village, with an asking price of $11.5 million, reduced from $13.525 million when it went on the market in April 2015. This 5,088-square-foot duplex in the Ritz Carlton condominium has views of New York Harbor and the Statue of Liberty. Building amenities include a spa/gym, maid service and valet parking.

The number of contracts signed at $4 million and above in Manhattan

Source: Olshan