Another Miserable Week for Manhattan Luxury Residential Sales: Report Only Nine Properties Entered Into Contract, Says Olshan

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For the second week in a row, the Manhattan luxury residential market experienced lackluster sales.

According to the latest report from Olshan Realty, only nine contracts for properties $4 million and above, were signed during the week of July 8-14—a repeat of the same total from the week before.

The total weekly asking price sales volume of $51,250,000 was the lowest since November 2013—although, as Olshan pointed out, the total was “an aberration as 2013 was a robust year in the Manhattan luxury market.”

It was also the second consecutive week in which a property with an asking price of $10 million or more went into the contract—a first since September 2011. 

As Mansion Global recently reported, the fact there has been no transaction for over $10 million so far in July was an indication that the new mansion tax has affected rich home buyers.

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