A flood of offers final week proved that consumers’ urge for food for Manhattan luxurious houses has remained sturdy into October.
Forty-six contracts have been signed for houses asking $4 million or extra within the borough, in keeping with Olshan Realty’s weekly report. It’s the best variety of offers inked in a single week because the third week of April, when 56 contracts have been signed.
“It was an especially nice shock,” stated Donna Olshan, writer of the report. “And there have been many stories from brokers telling me that they’d bidding wars.”
The costliest contract signed was a townhouse in Greenwich Village asking slightly below $30 million. The five-story dwelling at 27 East eleventh Road is 25 ft broad and spans 9,000 sq. ft. It has seven bedrooms, an elevator, a landscaped backyard, a roof deck and two terraces. The sellers bought it for $26 million in 2016.
The second priciest deal was for a penthouse on the ABI Chelsea condominium. Situated at 455 West 18th Road, the three,794-square-foot triplex unit has 4 bedrooms and about 1,300 sq. ft of outside house, together with a swimming pool. It was first listed in November 2019 asking $25 million. By the point it discovered a purchaser final week, the asking worth had dipped to $22.75 million.
The median asking worth was $5.6 million, with a mean of 417 days on market. The common low cost from the unique ask to the final ask was 6 %, up barely from 5 % the week earlier than.
Of the 46 contracts, 32 have been for condos. Builders have been the sellers of greater than half of these models. Seven co-ops and 7 townhouses rounded out the week’s offers.
The variety of luxurious townhouse contracts signed to this point this yr is 173, already shattering the earlier file of 153 contracts set in 2014.
Olshan famous that that is doubtless because of the unusually small variety of townhouses that went into contract final yr, although she stated the “catch-up issue” alone doesn’t account for the variety of offers. She pointed to the typical measurement of a townhouse, 5,560 sq. ft, practically twice the typical rental measurement of two,910 sq. ft, as one other potential cause for the surge.