Brown Harris Stevens report sees luxury apartment inventory rise.

Brown Harris Stevens, in a current memorandum of prices and inventory in Manhattan's luxury housing market concludes that although inventory is increasing in most price categories and geographic areas, prices have yet to show a measurable decrease. The Brown Harris Stevens memorandum noted a significant rise of about 64% in listings over April of last year, on Manhattan's Upper East Side. The memorandum issued immediately after last week's Federal Interest rate cut is the most current analysis of the Manhattan luxury housing market.

Manhattan's residential housing market peaked in April or May of 2000, according to the study. The overall theme of the study also indicated that although demand may have softened, prices remained fairly level through the beginning of 2001. Some brokers indicated that buyers are less inclined to make full-price offers for fear of "over-paying." However, other brokers indicated that apartments and townhouses are still selling at very good prices.

The Brown Harris Stevens data shows an increasing number of listings in all categories of apartments including the downtown loft market. According to the study authored by Lawrence Sicular, executive director of appraisal and accounting for Brown Harris Stevens, "expectation of lower prices is premature, particularly if the Federal Reserve's cut in rates signals a more positive financial or economic outlook."