Industry News

Manhattan luxury market cooled in second half of 2004

But $4 million-plus market booming in early '05

  The luxury residential real estate market in Manhattan broke all records of previous market highs in early 2004 before balancing out in the latter part of the year, according to the Stribling Private Brokerage Luxury Residential Report 2005, produced by the Stribling & Associates brokerage.   "As we enter the new year, the Manhattan luxury residential market continues on a strong path that could eclipse the previous year," according to the report.   "The luxury real estate market led the burgeoning economy during early 2004 and broke through all previous records. In the latter part of the year the market balanced itself and became more stable, until after the elections when the market again burgeoned, especially in the super-luxury category," said Kirk Henckels, director of Stribling Private Brokerage and author of the report.   The report noted that the super-luxury market has been relatively flat since early 2000, "but in 2004 activity in the $10 million a...