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NYC Luxury Market Remains Strong

NEW YORK CITY-A mid-year luxury report predicts a continued strong residential market here, once the financial markets stabilize.

By Natalie Dolce | Updated on August 23, 2007

(Read more on the multifamily market.)

NEW YORK CITY-Stribling Private Brokerage, a division of Stribling & Associates, notes continued low inventory and rising prices in the first half of 2007 for the luxury residential market in Manhattan, along with record-breaking sales of trophy properties, several at or above $50 million. According to Kirk Henckels, EVP and director of the brokerage and author of the mid-year luxury report, “$50 million is the new $30 million.”

The report says that looking forward, when the financial markets stabilize, it is predicted that the residential real estate markets will remain strong due to the lack of supply and the sheer amount of liquidity, albeit reduced, among purchasers worldwide. “Without appropriate inventory levels, it does not matter how much money and demand there might be in a market,” Henckels says. “The lack of supply puts a damper on the number of sales while forcing prices up. And there continues to be an extraordinary amount of wealth in this market, despite the current fluctuations.”

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