Industry News

High-end N.Y. real estate market surges

Market picks up in late 2005, early 2006, survey finds

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After cooling off from a peak in 2004, the real estate market for luxury residential properties in Manhattan again surged at the end of 2005 -- and that surge has continued into February 2006, according to Stribling & Associates, a New York real estate firm that specializes in the sale and rental of luxury apartments, townhouses, co-ops, condos and lofts. Kirk Henckels, executive vice president and director of private brokerage at Stribling & Associates, said in a statement, "Surprisingly, the luxury real estate market managed to add yet another record-breaking year to its upward and seemingly unending spiral. The pleasant surprise has been the surge in activity of the $20 million-plus market, which is not dependent upon salary or bonuses." Stribling released a Manhattan luxury market report today. Among the findings: The lack of "trophy" quality inventory since last spring's peak resulted in fewer high-end sales in the third and fourth quarters of 2005. Due to new trophy...