LUXURY MARKET REPORT 2019
Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
March 18-24, 2019
27 Contracts Signed
Twenty-seven contracts were signed last week at $4 million and above, the same total as last week---and the 4th time in the last 5 weeks that the total exceeded 20 sales. Condos outsold co-ops, 15 to 10, and 2 townhouses were in the mix.
The year-to-date 1st quarter stats weren’t quite so encouraging, and marked the third year in a row that signed contracts have declined in the first quarter. Thus far, the 1st quarter has recorded 229 contracts signed, a 19% decline in the total over the same period in 2018, when 282 properties went into contract. And this was on top of a 15% decline in 2018 over 2017. First quarter days on the market soared to 516 from 469 in 2018 and 390 in 2017.
Going forward, the recent decline in interest rates should generate housing sales on the lower end—and might do the same for the luxury market. But putting the data all together, in my opinion, the luxury market continued to scream: OVER PRICED!!!!!
The No.1 contract was 14S at 1107 Fifth Avenue, asking $21 million, which sold immediately when listed. This prewar co-op has 3 bedrooms, 3 bathrooms, 2 powder rooms, a library, formal dining room, eat-in kitchen, 2 fireplaces, and 2 terraces including one off the living room facing Central Park. The seller is Howard Stringer, the former CEO and Chairman of Sony, who paid $16 million in 2005.
The No. 2 contract was 59West at 111 Murray Street, asking $16.9 million. This new 3,892-square-foot condo has 5 bedrooms, 6.5 bathrooms, an eat-in kitchen, 11-foot ceilings, and panoramic city views. Amenities include a fitness center, pool, residents’ lounge, a private dining room with a kitchen, and a children’s playroom. The building started closings last summer.