Last week, 14 properties asking for at least $4 million went into contract, according to a weekly report by Olshan Realty Inc. Four of the fourteen deals had asking prices of $8 million and up. Since the start of the summer selling season on June 25, 106 condos, co-ops and townhouses have traded for over $4 million, a 36 percent increase in sales from the same time period last year.
The most expensive property from Aug. 13 to 19 was a two-bedroom, three-bath apartment at 151 Central Park West, which sold for $12.5 million. The unit’s library, formal dining room and living room face Central Park, with two bedrooms combined to make a 27-foot master. The second-priciest pad was a penthouse at 230 West 56th Street, which commanded $8.795 million for a two-bedroom, 2.5-bath measuring 1,887 square feet.
The summer data by Olshan Realty does not include the record-breaking $90 million sale of Extell Development Co.’s One57 duplex condo, which traded in May.
Although the number of sales has gone up, prices have remained stable from last year, with median price in the luxury market hovering at $6.3 million for summers 2011 and 2012. Apartments that sold for at least $4 million this summer typically stayed on the market for about 269 days, or eight months, which is six weeks longer compared to comparably priced homes from last summer.
Prices could be skewed by the recent influx of ultra-spendy properties on the market, including the $100 million CitySpire penthouse on 150 W. 56th St. and two $95 million listings at 50 Central Park South and 15 Central Park West.
“There are quite a number of people who are testing the waters with ridiculous prices,” Olshan Realty president Donna Olshan told Crain’s, adding that she expects prices to remain flat.