Third-quarter sales driven by luxury condos

September 29, 2011 10:19AM

Demand for luxury condominiums in Manhattan has been driving an improved rate in closed sales in the third quarter, according to preliminary data, the Wall Street Journal reported.

With only three days left in the quarter, there have so far been 150 recorded closed sales at $4 million or more , including 18 at the Laureate, the Stahl Organization’s 70-unit Condominium On 76th Street And Broadway, the Journal said. Sales of expensive co-ops were also strong during the quarter.

“There has been a real uptick for properties of that size and price range,” said Hall Willkie, president of Brown Harris Stevens, which manages sales at the Laureate. “This is a difficult time in the economy, but if properties are priced well in New York they sell.”

Pamela Liebman, president of the Corcoran Group, said she is seeing a phenomenal growth in demand for luxury residents in comparison with properties on the lower end.

“I have never seen such a demand in the super-luxury market as I have seen this year,” she said, “[but] we are a little bit anxious about how the rest of the year plays out for the regular people.” [WSJ]