Stribling Brokerage released their twice-a-year Luxury Report recently, and several of its findings reinforce the perception that the Luxury Manhattan real estate market has not been at all fazed by the recent downturn in the national economy.
Even in the face of massive job losses in one of the market’s most significant sources of demand, the financial industry, 105 different co-op apartments worth more than $5 million were sold in the first half of the year. This represented an increase of 23.5% from the previous numbers.
The study does not mention specific prices, but 13 apartments were listed as having cost over $20 million. This number, too, represents a significant increase.
That these numbers come in the face of a decline in overall sales volume on the island shows the near-complete immunity of Manhattan’s luxury market to the whole business cycle.
That being said, the inventory numbers were not favorable. Overall, rates of inventory in the luxury market were up more than 30%.
Figures for such a comparatively small market – where the number of sales only reaches into the low triple digits – it is dangerous to read too many signs of long-term trends into one set of findings.
A two-floor penthouse on the fifth avenue set the record for the highest sales price of the first half of the year, coming in at $46 million.