A once-fiery market for luxury homes in Manhattan cooled to its embers in 2016, marking a major slowdown following several years of recovery-driven growth in high-end development. The number of contracts signed for homes priced at $4 million and above fell 18% in 2016, with the borough’s once-iconic luxe co-op addresses taking the worst hit, according to Olshan Realty’s year-end report on Manhattan’s luxury housing market released Monday. In total, 1,102 luxury Manhattan homes went into contract in the past 12 months, ringing in at $8.938 billion in total sales. “The numbers are higher than 2012, but below the golden years of new condo development (from) 2013-2015,” Donna Olshan, president of Olshan Realty, wrote in the report. The vast majority of contracts signed, 76%, were for condos, more than half of which were for apartments sold off of floor plans in new developments, according to the report.


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