We demonstrate the condensation of microcavity polaritons with a very sharp threshold occurring at a two orders of magnitude pump intensity lower than previous demonstrations of condensation. The long cavity lifetime and trapping and pumping geometries are crucial to the realization of this low threshold. Polariton condensation, or "polariton lasing" has long been proposed as a promising source of coherent light at a lower threshold than traditional lasing, and these results indicate some considerations for optimizing designs for lower thresholds.