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Stribling: Manhattan market still strong.

The market for residential properties in Manhattan continues to be very strong in downtown locations as well as the Upper East and West Sides of Manhattan. Record prices with sales volume of co-ops up over 48% compared to last year.

These are just a few of the positive findings in the State of the Market Report issued by Stribling & Associates, Ltd. and authored by company president, Elizabeth F. Stribling.

"Against all predications, downtown has once again become a residential destination point renewed faith in the city can be seen all over Manhattan," said Elizabeth Stribling, president of Stribling & Associates, Ltd.

The report cites a number of important market facts:

* The residential market is particularly strong in the low and mid-markets with young renters encouraged to become owners in this low interest rate environment.

* The luxury townhouse market is gaining momentum led in large part by foreign investors.

In the first half of the year 24 townhouses each sold for over four million dollars.

* The rental market also appears to have stabilized.

The first half of the year saw rents plummeting, but activity has picked up and landlords are no longer offering the generous concessions of free rent and payment of broker's commissions that were being offered last year.

* Strength is also cited in record prices for commercial buildings particularly for Class A properties throughout the central Midtown area.

* Older industrial buildings are continuing to be transformed into modern residential condominiums in TriBeCa and the City Hall areas and even on the Upper West Side.

Citing continued market strength, Stribling stated, "We are experiencing a robust fall real state market ... and have noted over seven examples of bidding wars over the last several weeks at prices ranging from $500,000 to $6 million."
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 6, 2002
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