Buyers signed 34 contracts last week for luxury homes in Manhattan, notching another robust week for the borough’s high-end market, according to a weekly roundup from Olshan Realty on Monday.
The number of luxury deals, defined as homes asking $4 million or more, in the week ending Sunday marks a decline from the blockbuster 47 contracts Olshan recorded the prior week. Though the slowdown was not all that surprising given two major holidays, Passover and Easter, fell in the past seven days, said Donna Olshan, president of Olshan Realty and author of the report.
“The Passover-Easter week traditionally sees a market slowdown,” she wrote in Monday’s report. “But the 34 contracts extends a record-breaking luxury market streak of 30 or more deals to nine week.”
It’s the first time deals have remained this high for so many consecutive weeks since Olshan Realty began tracking in 2006, she added.
Several factors have reignited sales in New York City after a long, pandemic-induced slump. The first are steep discounts and incentives—the average home to find a buyer over the last nine weeks was discounted 11% from its original asking price.
The biggest contract inked last week was for a penthouse on Duane Street, asking $17.5 million. The five-bedroom duplex in Tribeca only listed in July—a speedy deal considering the average days on market over the last nine weeks reached 628 days.
The loft apartment has a vast great room and an outdoor terrace, according to Olshan.
The second-biggest deal last week was for an Upper East Side townhouse asking $15.25 million, which was also listed in July for about $1 million more. The sellers, architect-designer team Peter Pennoyer and Katie Ridder, bought the five-story, 20-foot-wide property in 2011 and renovated it.
The Link LonkApril 05, 2021 at 10:28PM
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Manhattan Luxury Deals Continue Streak Despite Holiday Week - Mansion Global
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