City's luxury market remains very strong, says Stribling.The luxury real estate market for the first half of 2005 was identical to, but even stronger than that in 2004, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. luxury Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , Stribling. After a rather quiet spring and summer in 2004, the market experienced a strong revival after the Presidential election, and then again abated Abated, an ancient technical term applied in masonry and metal work to those portions which are sunk beneath the surface, as in inscriptions where the ground is sunk round the letters so as to leave the letters or ornament in relief. From 1911 Encyclopædia Britannica in late spring 2005 as consumer confidence fell. Despite continued low inventory, the market strengthened somewhat in mid summer 2005 as consumer confidence rebounded. "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, and author of Stribling & Associates Private Mid-Year Brokerage Luxury Residential Market Report 2005. "And, like 2004 once again a quietness seemed to settle into the market due to a lack of 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. "As we progress through the second half of this year, Manhattan luxury residential properties continue to sell reasonably quickly." The report cites a number of important market facts, including the increase in activity in the $20 million and up property range. In the first half of 2005, the sale of cooperative properties over $5 million exceeded the number of such sales in all of 2004 by 40%. With a lack of inventory, cash rich buyers, and a growing economy, a dramatic decline in the Manhattan luxury real estate market does not appear likely in the near future. Although, some predict an inevitable market plunge The term Plunge has multiple meanings:
The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. occurring first. An overall steady outlook is predicted for the remainder of 2005. |
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