🗞️Luxury Lives Here: A Weekly Report on Manhattan’s High-End Real Estate

Credit: Olshan Luxury Market Report

Market Report on Contracts Signed for Manhattan Residential Properties June 12-18, 2023

A Week of Active Luxury Real Estate Transactions

The week of June 12-18, 2023, saw a flurry of activity in the Manhattan luxury real estate market. A total of 31 contracts were signed for residential properties priced at $4 million and above. The market showed a strong preference for condos, with 19 contracts signed, compared to 10 for co-ops and 2 for townhouses.

Top Contracts of the Week

The highest contract was for a condo unit at 35 Hudson Yards, listed at $13.850 million. This luxurious unit boasts 5 bedrooms, 5.5 bathrooms, and a range of amenities including a doorman, fitness center, and a residents’ lounge with a terrace.

The second-highest contract was a 5-story brownstone at 141 East 18th Street, listed at $11.7 million. This property was renovated under the guidance of renowned architect Steven Harris and features a ground-floor one-bedroom unit and 3 bedrooms on the upper floors.

Average Asking Prices and Discounts

The average asking price for co-ops was $6,423,500, while condos had an average asking price of $6,722,632 and an average price per square foot of $2,429/sq.ft. Townhouses had an average asking price of $7,975,000 and an average price per square foot of $2,314/sq.ft., with a total of 2 contracts signed.

The total weekly asking price sales volume for the week was $207,915,000, with an average asking price of $6,706,935 and a median asking price of $5,750,000. The average discount from the original ask to the last asking price was 9%, and the average days on the market was 586.

The Secret to Success in the Luxury Real Estate Market

In the world of luxury real estate, success is not just about hard work. It’s about optimization. Over 98% of your new traffic is not emotionally ready to buy anything from you. That’s why it’s crucial to have a funnel effect set up. This helps you avoid alienating future buyers and losing all back-end sales and continued revenue-based customers.

Optimization is the intangible secret of the rich. It’s about getting more results, in less time, with more profits within a smaller element of time. It’s about taking something as far as it can go. As Webster’s dictionary defines it, optimization is the most favorable method for growth and reproduction and also making the most effective use of all energies and resources.

Conclusion

The Manhattan luxury real estate market is vibrant and active, with a range of properties attracting buyers. Whether you’re a buyer or a seller, understanding the market dynamics and the art of optimization can help you navigate this complex landscape.

Remember, in the world of real estate, it’s not just about selling or buying. It’s about creating connections, offering unique value, and optimizing your strategies for success. As they say, “Vision To See – Faith To Believe – Courage To Do.”

Note: All data mentioned in this article is based on the market report for the week of June 12-18, 2023.

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Syd Harewood is a real estate professional with a passion for NYC’s architectural gems. For inquiries, call or message Syd Harewood at 646-535-3819. Experience the finest in NYC real estate with Syd’s expert guidance and deep knowledge of the city’s most exquisite properties.

Sydney Harewood.Lrsp, LEVEL. 5 West 37th Street | New York, NY 10018 | Tel: 646-535-3819