Contracts for high-end Manhattan properties fell 18 percent last year, according to luxury brokerage Olshan Realty Inc. The trend has been reversing since January. Last month, contracts signed for properties priced at $4 million or higher were up 42 percent from a year earlier.
But those properties tended to sell at a discount after lingering on the market. The 21 luxury contracts signed last week came with an average discount of about 6 percent from their last asking prices and were listed for an average of 368 days, according to Olshan Realty.
“The future market condition for luxury resales is a little cloudy, though it’s not as bleak as it was,” Miller said. “The idea that luxury resale inventory is going to appreciate, I think that’s a little premature.”
This article was provided by Bloomberg News.