Once again, the dog days of August impacted the luxury market last week, as only 10 contracts were signed at $4 million and above. The total volume: a modest $78,565,000.

Stat Geek Alert: Last week marked the first time since July 1, when New York hiked the mansion tax, that a property went to contract asking over $20 million. Since then, only 3 contracts have been signed at asking prices above $10 million—and all were townhouses.

The No. 1 contract was a townhouse at 807 Park Avenue, asking $26.5 million, reduced from $39 million. This 25-foot-wide house has 12 stories, and is approximately 24,000 square feet. In 2004, it was sold by Sean “P. Diddy” Combs to developers for $14.3 million. The house was divided into 3 apartments, each with 4 floors. It has been on and off the market for more than a decade, marketed variously as ...

...GET MORE >