Historic highs in luxury residential market.The luxury residential real estate market continues to experience rapid sales and low inventory 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. a report by issued by Stribling & Associates, Ltd. and authored by president, Elizabeth Stribling. "The motivation to remain in the city is stronger than ever, despite the competitive nature of the current real estate market," said Stribling. The report states that inventory in the first quarter of this year is down 32% from a year ago, with prices in the super luxury market up as much as 28% over the previous year. The average price of a two bedroom apartment in Manhattan has reached almost $1,150,000 in the first quarter of 2004. The report further cites a number of important market facts: * Declining inventory and low mortgage rates have lead to increased and sustained demand for both co-ops and condominiums. * The super luxury market, properties selling for more than $10 million, is especially active. * Buyers competing in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. market must make more concessions, often settling for smaller spaces, due to low inventory and high prices. * Buyers shut out of the competitive Manhattan market are choosing northern properties as an alternative to the pricier areas below 96th Street. * Northern Manhattan neighborhoods such as Harlem, Hamilton Heights, Washington Heights and Inwood have seen dramatic price increases. Average sale prices in Northern Manhattan have risen 63% compared to 26% in the rest of Manhattan. * Rentals have seen a modest increase due to dejected de·ject·ed adj. Being in low spirits; depressed. See Synonyms at depressed. de·ject  ed·ly adv. buyers
especially in the super expensive rental category where inventory has
dropped.
* Several new construction projects are open for sales in 2004 including 47 East 91st Street in Carnegie Hill, the Opus opus (ō`pəs) [Lat.,=work], in music, term used in cataloging a composer's works, designating either a single composition or a group published together or considered a unit. on the Upper West Side and 129 Lafayette Street, downtown. Current indications do not point to a dramatic downturn in residential sales. Most real estate is owner occupied "Owner occupied" may also refer to a housing cooperative Owner occupied is a classification of UK housing tenure as described by the Department for Communities and Local Government, a UK government department that has amongst its remit the monitoring of the UK housing stock. and unlike the real estate bubble This article is about the general phenomenon of housing bubbles. For housing bubbles in various countries, see below. A real estate bubble or property bubble (or housing bubble of the 1980s the current Manhattan market is not overburdened o·ver·bur·den tr.v. o·ver·bur·dened, o·ver·bur·den·ing, o·ver·bur·dens 1. To burden with too much weight; overload. 2. To subject to an excessive burden or strain; overtax. n. 1. by excessive development and too many co-op conversions. "Faith in the value of real estate remains high," says Stribling and statistically, this statement rings true. |
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