LUXURY MARKET REPORT
June 13-19, 2016
Here’s the good news: 35 contracts were signed last week at $4 million and above, a year-to-date record. One reason for the one-week surge is this: The average property was on the market for a lengthy 311 days, which finally prompted exasperated sellers to face reality and drop their prices an average of 11% from the original asking price. The luxury market is bloated and choking with a lot of over-priced inventory, but once sellers capitulate and adjust to realistic price levels, the market moves. Not coincidentally, the May and June weeks that showed the strongest activity of the year were also those that saw prices slashed.

The No. 1 contract was a townhouse at 18 East 69th Street, asking $22 million, reduced from $26 million when it went on the market last July. This 24-foot-wide, 5-story house has 7,831 square feet. It was purchased for $13.25 million in March 2012, and then gut renovated, dividing the house into 3 spaces: a retail store on the first two floors, a duplex 3-bedroom, and a penthouse 2- bedroom unit.

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