Manhattan luxury homeowners are slashing asking prices to strike a deal with buyers, according to the Olshan Report on Monday.
Apartments and townhouses that went into contract in the week ending Sunday got an average 16% price cut, according to the report—one of the steepest average discounts in the past year, at least. In total, there were 25 contracts signed for homes priced at $4 million or more.
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Even typically price-stubborn developers headed to the negotiating table.
"Some developers are negotiating lower prices to get deals done and clear the inventory," Donna Olshan, president of Olshan Real Estate, wrote in the report.
For example, among the contracts signed last week was a 24th-floor condo at a Christian de Portzamparc-designed building in NoMad that found a buyer asking $4.975 million—a 17% markdown from the $6 million the developer originally wanted in 2016.
Since the beginning of the year, the average luxury home found a buyer after 446 days on the market and once the seller cut the listing price by 9%, according to Olshan.
Despite the double-digit price cuts, Manhattan had a strong week in terms of volume, with $237 million in luxury homes going into contract.
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The most expensive contract signed last week was for an 85th-floor unit at One57 on Billionaire’s Row in Midtown. The soaring, full-floor unit went into contract, asking $59 million—a 15.7% discount from the $70 million originally asked.
The home at One57 spans 6,240 square feet, has three bedrooms, a library and views over Central Park and beyond.
The second most expensive home to find a buyer was a six-story townhouse on the Upper East Side asking $16.5 million.