It's Hot at the Top of New York's Luxury Condo Market Reports Ciel-Property.com

Asheville, NC -- (SBWIRE) -- 09/27/2012 -- The market for condos at the highest end of New York City’s real estate sector is on fire, but for those with just a little less -- $5-$20 million – things are not so hot.

Four years ago, the top prices for luxury properties were around $40 million ($6,000 sqft) according to Kirk Henckels, Private Brokerage Director for Stribling. But he recently told the Wall Street Journal that the price has shot up to over $10,000 a square foot.

A penthouse at One57, which is still under construction, is reported to have sold for over $90 million. But New York’s priciest sale of the past year was a Sandy Weill penthouse at 15 Central Park West. A Russian tycoon paid $88 million for it – the full asking price.

“$80 million is the new $20 milllion,” Stribling’s Henckels said in a report about the market for luxury residences.

Things are not quite as good for residences priced from $5 million to $20 million. Sales of $5 million this year through August fell 7.4% from the same period last year, The Wall Street Journal has reported, although prices in the $5 million to $20 million range inched upward.

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Ciel-Property.com (http://ciel-property.com) is an online resource for news and information about luxury getaway homes in the Blue Ridge Mountains of North Carolina. The Asheville-based company specializes in custom-built Asheville luxury homes. Learn more about Ciel’s luxury mountain homes at ciel-property.com.