Value of All Sales: $44.55 Billion
The total value of all sales listings for October 2018 reached $44,549,563,143, reflecting the stunning growth in inventory this year, especially in Manhattan. The latest StreetEasy Market Reports found that nearly 5,000 new homes were listed in Manhattan in the third quarter alone. At the same time, homes in Manhattan lingered on the market for a median of 96 days, the longest period since 2012. All of that inventory sitting on the market has pushed up the total value of all sales by more than $5 billion since August.
Most Expensive: $88M Mansion in Lenox Hill
The most expensive home to hit the market in September was a 19-room mansion at 12 E. 69th St. owned by billionaire Vincent Viola, who once owned the Florida Panthers and was a contender for President Trump’s cabinet. The six-floor townhouse seems to take inspiration from Versailles and features a set of incredible amenities, such as an indoor saltwater pool, a panic room, a recording studio, and more.
The property has come on and off the market several times over the last five years, each time dropping in price. It was listed for $114 million in 2013, then dropped to $98 million in 2014 before listing for $88 million last month. No doubt its declining price reflects the softening of the city market, especially in the luxury sector.
Least Expensive: $40K 1-Bedroom in Highbridge
The least expensive property to come on the market in October is a 1-bedroom co-op at 136 W. 168th St. #7L in the Highbridge neighborhood of the Bronx, asking $40,000. Spanning 650 square feet, the apartment offers an uncommonly low price per square foot of $61. With a down payment of $8,000, buyers will be on the hook for monthly payments of $860. Keep in mind, income restrictions apply, as this is an HDFC unit.
This apartment is in a large, prewar walkup building and offers proximity to Yankee Stadium and the 4 train at 167th Street. At 650 square feet, the interior is relatively spacious for a 1-bedroom. The building offers a laundry room in the basement and an on-site super.
Most Popular: A $750K 2-Bedroom in Gramercy Park
The most popular listing last month was a $750,000 2-bedroom co-op at 210 E. 21st St. #3B in Gramercy Park. The stunning interiors would make this apartment a standout, but so does its price. The median asking price for a 2-bedroom in Gramercy Park is $1.97 million; in Manhattan overall, it’s $1.85 million. So yes, this is a good value — and unsurprisingly, the StreetEasy listing has been saved more than 665 times.
Best Price Cut: 19% Off a Midtown 3BR
On Oct. 1, this 3-bedroom co-op at 24 W. 55th St. in Midtown got a 19 percent cut to its asking price, which is now $1.1 million. It was the property’s fourth price reduction since listing in March for $1.8 million. With a sprawling, 2,100-square-foot layout, a solid floor plan with tons of closet space, and a sterling location in a doorman building designed by Nelson Rockefeller, this would seem to be a highly covetable piece of Manhattan real estate.
Yet it isn’t selling. Is it because of the $5,067 monthly maintenance fee? Or because, for some buyers, the interiors may need updating? Who can say, but it’s worth considering what StreetEasy Senior Economist Grant Long observed earlier in this extraordinary month in New York real estate: “We’re already seeing a lot of homes lingering on the market. Sellers that have priced their homes aggressively will likely have to offer some substantial price cuts, or risk spending several more months trying to find the right buyer.”
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