New York’s luxury housing market witnessed the worst August since 2012 as a slowdown persists against a backdrop of oversupply and waning demand from nervous investors amid global economic uncertainty.
Only 13 contracts were signed last week at $4 million and above in Manhattan, down from 16 in the previous week, according to Olshan Realty’s latest health check of the market. A total 93 contracts were signed this month.
While August is traditionally a slow month, as many buyers are on vacation, this was the first August since 2012 that sales failed to pass the significant 100 barrier.
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The median asking price last week was $5.475 million, while the average discount from original ask to last asking price was 6%, and the average number of days on the market was 462.
The no. 1 contract that was sold was a condo at 20 West 53rd St., asking $22 million, reduced from $23.5 million when it was listed in March 2013. The apartment is in the new Baccarat Hotel & Residences, a 50-story building with 61 condos and 114 hotel rooms designed by Skidmore Owens and Merrill with interiors by Tony Ingrao.
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This four-bedroom, four-and-a-half-bathroom apartment near the Museum of Modern Art in Midtown has 4,545 square feet and panoramic city views.
The no. 2 contract was the 14th floor at 1133 Fifth Avenue, asking $15.8 million, reduced from $18 million when it hit the market in January. This four-bedroom, four-bathroom co-op has views of Central Park and the Reservoir from the 27-foot living room, the library, and the master bedroom.
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