Manhattan’s luxury market saw one of the worst weeks in over a year with total contracts signed for apartments totaling less than $90 million, according to Monday’s weekly Olshan Report.
A paltry 14 units priced at $4 million or more—Olshan’s threshold for luxury—found buyers last week. Those units added up to a total of $87.56 million, the lowest sales volume in 53 weeks, according to the report.
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It's now been eight straight weeks in which the total number of new contracts failed to crack 20, which is likely part of a seasonal slump, as buyers and sellers head out of the city on vacation. But time will tell whether the drop off is part of a bigger lull in the luxury market, as Donna Olshan, president of Olshan Realty, often notes in her weekly report.
Part of the low volume last week came down to a dearth of eight-figure homes finding buyers.
"More bad news: No contracts were signed above $10 million, the first time that has happened since the Sandy storm—the week of October 29, 2012," Ms. Olshan wrote.
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The most expensive unit to go into contract last week was a three-bedroom, four-bathroom co-op at 830 Park Ave., asking $8.995 million.
The second most expensive transaction was a townhouse by the historic Turtle Bay Gardens between East 48th and East 49th streets. The five-bedroom house was asking $8.5 million.
She tried to offer the co-op market a spot of good news, as six contracts were signed last week—the best week for co-operatives since June.