NY residential market enjoys best year in decade.

We are only six months into the year and the coop, condo, rental and townhouse markets have already surpassed the first half of last year. 1998 marks the best year for New York real estate in a decade, and is likely to persist through the end of this decade.

This continuing momentum and the many positive economic factors in the New York region are good indications that the residential real estate market will remain solid. Demand for residential space is at an all-time high, and the percentage of gains from last year's prices for all sizes of apartments has almost doubled. A scarcity of available desirable properties, be they condos or townhouses, has ignited bidding wars among buyers.

The market is pushing buyers to make decisions almost too rapidly. With low interest rates and capital availability, strong corporate earnings and Wall Street bonuses at an all-time high, buyers are willing to invest capital and sellers are ready to put their homes on the market.

Dwindling supply versus unrelenting demand continues to propel prices for residential properties in all segments of the market. The tight market has regenerated unconventional neighborhoods.

Owners and renters are attracted to and inclined to live in buildings providing the most enhanced quality of life. They are demanding the highest quality in building staff performance and management services.

Prices for studio and one-bedroom apartments rose almost 20 percent since 1997. Two-bedroom apartments have increased by approximately 18 percent; three bedroom apartments have gained by almost 31 percent; and townhouses have skyrocketed 18 percent.

The information revolution has transformed the real estate industry. New York in general, and particularly the area now known as Silicon Alley, has had an unprecedented influx of technology. The Internet is a way of life professionally and personally. Adults, senior citizens and children are all active Internet users. Technological infrastructure, or the lack of it in many buildings, is becoming increasingly important.

Brokers are able to log-on 24-hours-a-day to access new listing information, and in fact, some of my firm's brokers have more than doubled their sales as a result of this new method of doing business. Technology has revolutionized how and where

business can be done, and created a change in the type and location of real estate demand. It Ires changed the way people live, work, shop and play.

While there are many challenges facing buyers and sellers, there are also many opportunities that can arise from conquering those challenges. The future of the real estate market is encouraging.

The strong dollar and the city's success in reducing crime have been responsible for New York's booming economy. From tourism and information technology and the expansion of international business services and entrepreneurs, to the arrival of major retail outlets from Wall Street to Uptown to East Side and West Side, we are very optimistic, and expect the economy to continue. 1998 will most probably emerge as one of the best real estate years in the century.

This is the end of the decade; the economic news is good; confidence is continuing to build; and the rest of tiffs year should be record-making. Today, the client doesn't want to be just satisfied; they want to be delighted. A full service global company is needed to make this happen. As an affiliate of Prudential Real Estate, we are able to fulfill these requirements.

Prudential MLBKaye International Realty is a national residential affiliate in Manhattan that has a network of over 40,000 sales associates with referral and relocation capabilities to bring national and international markets together.