Luxury contracts in New York City exceeding $4 million exceed the decade-long Thanksgiving week average
The holiday week showed no signs of slowing down in the city that never sleeps. New York City luxury sales totaled $189,335,000 in total weekly asking price sales volumes for the week ending Nov. 30, according to the Olshan Luxury Market Report.
In the shortened week, due to the Thanksgiving holiday, 19 contracts were signed in Manhattan for $4 million and up — that’s 10 fewer than the week before, but the week’s total “exceeded the 10-year Thanksgiving Day weekly average of 17 contracts signed for $4 million and up in Manhattan.”
“There are two great times to find deals in the luxury market: August and December,” Donna Olshanchairman and founder of Olshan Real Estatetells Realtor.com®. “Sellers are becoming anxious to compete with the new inventory coming onto the market. September starts the fall season with new inventory and mid-January sellers start listing new inventory so competition becomes fiercer. August and December are great times to shop when there is a lull in the action.”
Of the signed contracts, eight are condominiums, of which the cooperatives (seven signed contracts) and town houses (four signed contracts) have sold better.
Park properties
The best property under contract is a modern downtown unit with more than 3,600 square feet, three bedrooms, 3.5 bathrooms and north views of Central Park, for sale for $23,290,000.
Inside the luxury building at 53 W 53rd St., every detail has been checked, from high-end finishes to a kitchen with a range of Miele and Sub-Zero appliances and a wall oven, steam oven and a speed oven. If the owner doesn’t feel like cooking, a resident-only dining experience is available.
Some of the residence’s rooms have ceilings up to 10 feet high, along with floor-to-ceiling windows with motorized shades and additional blackout curtains in each bedroom.
“Buyers always choose apartments with a view. The wow factor usually requires a view or something amazing, like an incredibly landscaped terrace,” says Olshan.
Another top contract involves a property in Central Park that also offers stunning views and was on the market for $16,900,000. 41 Central Park West is a pre-war residence with a private terrace where you can enjoy the beautiful view of the park. The building was built in 1910 and is known as Harperley Hall. It is a 12-story brown brick building with a limestone base. The unit has six bedrooms and four bathrooms.
The building features a T-shaped courtyard on West 64th Street with an iron fence and a manned gatehouse. The listing includes a full-time doorman, communal roof garden, bicycle shed, personal storage room and on-site parking for an additional fee (although there is currently a waiting list).
Closing time
Properties that go under contract during Thanksgiving week will not necessarily close before the end of the year.
Certain types of properties may have an easier time than others to go through the process, but the decision doesn’t rest solely with the buyer and seller.
Co-ops and condos can take longer because of the application process, Olshan says.
“If a buyer signs a contract now, it’s difficult to expect to close before the end of the year, especially if co-ops and condominiums have a board that must pass the sale before they can close,” Olshan says.
So even though a buyer at this level of luxury has their financial affairs in order, other parts of the application process may be necessary.
“Condo boards are much simpler than co-op boards, but in New York it takes longer to get things done between the board process, title companies, attorneys and bank attorneys’ schedules,” Olshan explains. “It’s not easy. As for a townhouse, it’s possible to close on a townhouse before the end of the year, but that’s tough for sellers who have to pack up, leave and go somewhere.”
