Manhattan Luxury Condos See Demand, But at Much Lower Prices with Big Losses for Sellers

by Wolf Richter
Wolf Street

Seller lost $12 million, or 35%, on a condo at One57, on Billionaires Row, adding to the list of big money losers in the condo tower.

File under Yes, but: “Manhattan Luxury Market Continues Fall Rally,” said Mansion Global this morning, based on sales volume of properties at a price of $4 million or higher. Olshan Realty, in its weekly luxury report published this morning, said that 21 contracts for luxury condos, co-ops, and townhouses were signed last week, bringing the total since the beginning of September to 227 contracts, exceeding last year’s 219 signings for the same period. Over the past two weeks, 12 homes went into contract with asking prices of $10 million or more, “the highest total over 2 straight weeks of trophy sales in the last 9 months.” Yes, but prices….

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