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Stanton Wells & Stone LLC has done multibillion dollars in real estate transactions as a residential and commercial broker, investor, syndicator and real estate developer domestically and internationally with a focus on the Manhattan real estate market.

Sky-High Demand for Luxury

More than half the condos at 60 East 86th Street were sold in the eight weeks after sales opened.

Up, up and up. That is the answer to the question I have been posing lately: Where is the luxury condominium market headed?

At least, that has been the case in the last several months, where multimillion-dollar apartments have been snatched up hours after they hit the market and buyers have shelled out $1 million over the asking price to secure a winning bid.

At 151 East 78th Street, for example, contracts were sent out to buyers within 24 hours of the listings hitting the market in March, and a month after sales began, 11 of the 14 apartments were in contract at prices starting at $10 million. A few blocks to the north, more than half the units at 60 East 86th Street were sold in the eight weeks after sales opened, also in March, including a $20 million penthouse.