Latest news with #DonnaOlshan
New York Post
06-05-2025
- Business
- New York Post
NYC's trophy market of $10M-plus homes shows signs of ‘weakness' after ‘wild swings in the stock market'
Luxury home buyers in New York City are thinking twice before scooping up a multimillion-dollar property. The Big Apple's trophy home market has long been resilient, but Manhattan's is being described as 'one area of weakness,' according to the Olshan Luxury Market Report. The trophy market includes properties that are listed at $10 million-plus. In the past four weeks, 12 contracts were signed for properties at that price point. That's the lowest April level since 2017, when 11 were signed. Other parts of the Manhattan luxury market are also seeing a slight dip. Despite a strong week of contract signings over the Easter holiday, there was a slight dip in contract signings in the last week of April. Only 28 contracts in the $4 million-plus range were signed in Manhattan. Still, overall, 113 contracts were signed at $4million-plus in New York City. The average asking price was $7,542,857. 'The reason for the decline in trophy sales is linked to the wild swings in the stock market,' Donna Olshan, president and real estate broker at Olshan Realty, tells 'At the end of April, the S&P 500 was down 5.3%, but the financial markets looked much worse earlier in the month.' Despite the slight dip in April, Olshan adds, 'The year-to-date trophy market numbers are fine for 2025.' According to a new report, there were only 12 contracts signed for properties with values over $10 million in Manhattan in April. Christopher Sadowski Top of the class The No. 1 contract signed for the last full week of April was 16 East 64th Street, on the Upper East Side of Manhattan. It had an asking price of $25 million and was listed in March 2024. It's now under contract—no word on the accepted price yet. The townhome is 8,700 square feet and six stories high. It includes five bedrooms, seven bathrooms, two power rooms, a gym, and, of course, an elevator. The home has a marble staircase, garden, and two terraces offering privacy right in the heart of the Big Apple. The seller originally paid $21.5 million in August 2005 and did a renovation of the property. The annual real estate taxes are $137,643. Manhattan market In April 2025, 450 homes were for sale in the $10 million-plus price range—making up the 'trophy market,' according to data from our economists. There were also 775 listings priced between $5 million and $10 million in April, which spent a median of 82 days on the market. Additionally, there were 3,789 listings on the market priced between $1 million and $5 million in April, which spent a median of 59 days on the market. 'Widespread economic uncertainty and stock market tumult may be to blame for a slowing ultraluxury market. Buyers looking to purchase a 'trophy' home may be taking a wait-and-see approach instead of jumping into the market,' explains Hannah Jones, senior economic research analyst at 'Homes at this price point must wait for a very specific buyer, which could take months.' Jones points out that, despite the high price of homes in New York City, the typical home spends just four more days on the market than the national norm. 'High demand for properties in Manhattan keeps the market pace quick and home prices elevated,' says Jones.
Yahoo
19-02-2025
- Business
- Yahoo
High-End Real Estate Is on a Hot Streak in Prime U.S. Markets, New Reports Say
The uppermost end of the real estate market wasn't all roses in 2024, but some pockets of the U.S. fared better than others and are poised to have a busy 12 months. According to a slew of new reports, all signs point toward 2025 being a good year with home sales in the million-dollar-plus sector growing and Manhattan clocking in the busiest week for luxury home sales since 2022. 'The luxury market continues to ride an impressive streak,' wrote Donna Olshan, president of Olshan Realty, in the firms report. In the past year, approximately 300,000 homes sold for over $1 million, an impressive increase from 275,000 the previous year, based on data. In cities such as Colorado Springs, 14.2 percent of homes sold in 2024 surpassed the $1 million mark, up 6.3 percent from the year before. Similarly in Durham-Chapel Hill, 12.6 percent of homes sold in 2024 exceeded $1 million, reflecting a 5.5 percentage-point increase year-over-year. Meanwhile, the share of $1 million-plus home sales in Seattle rose by 5.5 percent, now making up 27 percent of the market. More from Robb Report Holy Modernism Week! Adam West's Former Palm Springs Home Has Been Transformed Into a Contemporary Bat Cave Aman New York's Luxe Catskills Ski Trip Comes With Slopeside Butler Service and Après-ski Attire Palm Beach's Luxury Real Estate Market Is Thriving When it came to which markets led the pack, Compass revealed that New York, California, Florida, and Colorado were all represented among the top ultra-luxury markets in the U.S. for 2024, as reported in The New York Post. The real estate brokerage found America's ultra-luxury market notched over 1,700 sales of homes of at least $10 million over the course of last year, marking a 350 percent jump from 2023. Those sales, the real estate firm said, were worth a combined $31.39 billion and interestingly, nearly $23.2 billion of that total came from just 10 locales within the four previously mentioned states. 'The premium market continues to defy expectations with a wave of momentum from coast-to-coast,' said Felipe Hernandez Smith, head of Compass Luxury. Most recently, Manhattan logged more activity in the last week than it has in any other week over the past three years, Mansion Global reported. Luxury home sales in the New York City borough gained momentum in the seven days leading up to Sunday, with 41 contracts signed for properties priced at $4 million or more. The deals, which included 26 condos, 10 cooperative unit, and five townhouses, totaled $366.4 million based on their most recent listing prices. The priciest home to go under contract last week was a Fifth Avenue townhome directly across from the Metropolitan Museum of Art. Originally listed in 2021 for $80 million and last priced at $49.9 million, the property comprises a whopping 16,000 square feet of living space, including 10 bedrooms, seven full bathrooms, and five kitchens. The second-highest deal of the week was for a not-yet-completed West Village condo that actually saw a price increase before scoring a buyer. The roughtly 4,600-square-foot apartment at 140 Jane Street was initially listed in September for $20.5 million but went into contract with an asking price of $22 million. Once completed, the apartment will feature four bedrooms and a conservatory. Best of Robb Report The 10 Priciest Neighborhoods in America (And How They Got to Be That Way) In Pictures: Most Expensive Properties Click here to read the full article.
