The number of multi-million dollar homes changing hands in Manhattan fell by 16% over the past year as demand remains shaky amid uncertainty over the global economy and the upcoming presidential election.
According to Olshan Realty, 229 contracts were signed at $4 million and above in Manhattan during the third quarter of 2016, 16% lower than in the same period last year. Additionally, the average number of days a property spent on the market jumped to 337 from 283.
"The results seem to reflect an overpriced market in correction mode," said Donna Olshan, the president of Olshan Realty.
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While the slowdown in the luxury market has widely been blamed on an oversupply of high-end condos on the market and waning demand from nervous investors amid global economic uncertainty and the U.S. presidential election, Olshan figures revealed that the co-op market—which is dominated by local buyers—is also struggling.
Only 30 co-op contracts were signed in the third quarter of this year, down from 55 in the same period last year, and Ms. Olshan believes they are becoming increasingly unpopular as younger, high-end buyers prefer to bypass the sometimes snobby boards at Park Avenue, Fifth Avenue and Central Park West co-ops.
As for last week, 16 contracts were signed at $4 million and above, with four deals north of $20 million. The No.1 contract was the Penthouse at 42 Crosby Street in SoHo, asking $25 million. This duplex condo was sold off of floorplans and has 5,852 square feet, including five bedrooms and seven bathrooms. Amenities include a doorman and a garage.
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The No. 2 contract was another downtown penthouse duplex at 215 Chrystie, in an 11-unit condo that is being built above a hotel designed by the Pritzker-prize winning team of Herzog & de Meuron. It was also sold off of floorplans and has 4,300 square feet of living space, including three bedrooms, four-and-a-half bathrooms and a 1,908-square-foot roof terrace.
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