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2013 Officially Unseats 2007 As Luxury Real Estate Boom Year

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New stats from Olshan Realty confirm market trends: the sheer number and magnitude of 2013's sales have blown 2007's figures out of the water?making this year a record-setter already. The Wall Street Journal cites new, stratospheric-sounding stats. Out of all the real estate deals that have gone into contract this year?and remember, we're only nine months in?$8 billion of them were made up of $4 million-plus sales. To be precise, the 907 apartments in contract for more than $4 million so far this year marks a 40 percent increase over 2007's totals. All of 2007... and there are still three months left to go. In general, for apartments of all sizes, 79 percent more contracts were signed this year than last, and one-third of buyers made purchases based solely on floorplans and renderings in developments that'll take years to complete. The WSJ's vaguely punny headline, "Megadeals Are No Big Deal," seems, well, spot-on.

Some of the headlining deals include the recent sale of 10 Madison Square West's penthouse (floorplan porn, over here) for $36.5 million. There's also the $42 million sale of 18 Gramercy Park's penthouse to Houston Rockets owner Leslie Alexander, which set a downtown record, though 56 Leonard's in-contract $47 million penthouse might soon shatter it.

A market like this is even resurrecting long-arrested developments. Case in point: the imminent launch of sales at stalled, delayed UES condo tower The Charles. The glassy Ismael Leyva-designed development on First Avenue between 72nd and 73rd streets will have just 29 units, most of which will be full-floor, with a triplex penthouse on top. Asking prices? A mere (by contrast) $5.8M to $16.5M.
· Megadeals Are No Big Deal [WSJ]
· All 10 Madison Square West coverage [Curbed]
· All 18 Gramercy Park coverage [Curbed]
· All Charles coverage [Curbed]
· All 56 Leonard coverage [Curbed]
· All Market Reports coverage [Curbed]

The Charles

1355 First Avenue, New York, NY

10 Madison Square West

1107 Broadway, New York, NY 10010