February offered a strong month for luxury home sales in Manhattan, proof that buyers are willing to open their wallets for high-end homes albeit mostly at lower price points, according to the latest Olshan report released Monday.
A total of 108 contracts were signed at $4 million and above in the past four weeks, the second best February since Olshan Realty began keeping track in its weekly report in 2006. The best February was in 2015, when buyers signed 116 luxury contracts.
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The total was a 42% increase over last February, when only 76 homes went into contract, according to the report.
The last full week of February closed out the month with a decent tally of 21 signed contracts. Just over half of those pending sales fell in the affordable luxury category, defined by Donna Olshan, president of Olshan Realty, as homes from $4 million to $6 million.
"Once again, the sweet spot in the luxury market last week were units below $6 million," Ms. Olshan wrote.
The top seller last week was a landmarked townhouse on West 12th Street, which went into contract for $19.6 million. The 20-foot-wide house last sold for $6.8 million in 2010 and was gut renovated. It has nearly 5,000 square feet of space, six bedrooms, 5.5 bathrooms, a garden terrace and a top-floor hot tub, according to the report.
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The second-most expensive unit sold was a $11.8 million condo in Sutton Place, on the east side of Manhattan.
In total, luxury buyers signed contracts for 15 condos, four co-ops and two townhouses last week.