Industry News

Luxury real estate breaks records in Manhattan

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Manhattan's luxury real estate market for the first half of 2005 remained strong, following a similar pattern to that of 2004, according to a report released today. "Just like the first half of 2004, the market raged into late spring of 2005, prices surged, more records were broken and inventory plunged," said Kirk Henckels, executive vice president and director of Stribling Private Brokerage, author of the report. Also like 2004, Henckels said, the market then quieted because of low inventory and a sharp drop in consumer confidence. This status continued into the early summer, when consumer confidence rebounded along with the economy's performance, according to Henckels. According to the report, the $20 million-and-up property range increased in activity, indicating a return to the market of the "trophy property" buyers, who seek one-of-a-kind properties regardless of price. The report said that in the first half of 2005 the sale of cooperative properties over $5 million exceed...