New York City, NY, USA

It's a Banner Year for Luxury Home Sales in NYC

The year 2013 is poised to be a stellar one for high-end homes. Here's a sample of what's on the market for $4 million and up.

Photo by: Zillow According to a report, new condo buildings comprised one-third of all luxury home contracts in the first half of 2013. Luxury building 449 Washington, which is on the market but not yet ready for occupancy, may bolster those numbers.

According to a recent report by Olshan Realty, 2013 is shaping up to be the strongest year for luxury Manhattan home sales since at least 2007. In the first six months of 2013, 759 luxury homes — in this case, that means homes that cost $4 million or more — went under contract. New luxury developments comprised an entire third of those contracts, some of which won't be ready for habitation for another couple of years. For example, 56 Leonard Street, the 60-story Tribeca condo building, has contributed numerous sales since February.

By comparison, 807 luxury homes went under contract during the entirety of 2012. Back in 2007, the first year that Olshan started tracking luxury sales, the total number was 644.

In the uber-luxury market, sales have been equally brisk. During the first six months of 2013, 142 homes costing $10 million or more have gone under contract, for a total of $2.080 billion. This is compared to 160 homes for 2013 ($2.9 billion) and 139 homes in 2011 ($2.2 billion).

Zillow Real Estate Search

What do you think?

Related Keywords:
New York City

See Also