| There has been little doubt recently that the | | | | major American cities, which have experienced a |
| Manhattan real estate market has been slowing | | | | significant condo glut, building in New York City has |
| down recently. Inventory is up, and sales are | | | | been significant but moderate in pace. |
| down. While average prices have remained strong, | | | | This fact is particularly apparent when one looks |
| it is clear that the days of the superman-like | | | | at where many of the sales have come from in |
| invulnerability in the market is a thing of the past. | | | | recent months. While sales of units in middle-aged |
| If a year of horrid national economic news has | | | | buildings � built after World War II, but |
| finally proved to be the market's kryptonite, | | | | not in the recent past � have declined |
| though, there has been no lack of Louis Lanes as | | | | significantly, many of the high profile new units |
| of late, pulling our fabled hero to areas of safety | | | | have been moving at a brisk pace. |
| and respite, to suffer little harm as the danger | | | | The Superior Ink units close to the water are |
| slowly passes. | | | | perhaps a prime example. The sales numbers |
| While many in the industry were expecting a | | | | from this large collection of new luxury |
| sharply negative turn this summer, many real | | | | apartments has displayed the strength of both |
| estate agents have reported experiencing, if not | | | | the super-high end luxury market and the market |
| a record summer, a stronger-than-expected | | | | for new condominiums. |
| season. | | | | The super-high end has been particularly strong as |
| The weak dollar has greatly aided the market, as | | | | of late. Indeed, Superior Ink was supposed to be |
| otherwise bored and possibly unemployed real | | | | 68 different units, but may end up being just shy |
| estate agents in the city have found themselves | | | | of fifty units, after wealthy buyers combine units. |
| with ample interest from holders of euros and the | | | | The city is also leading the way with a number of |
| British Pound. | | | | luxury green apartments near completion; a set |
| Indeed, the luxury market as a whole has | | | | of buildings that will experience their own unique |
| continued to expand, even as its largest source of | | | | source of demand from buyers, and should help |
| demand � the New York City financial | | | | prop up future numbers somewhat. |
| industry � has taken a serious hit in the | | | | While no one is saying the city's market is |
| form of a global credit crunch and the closing of | | | | experiencing its best days, there is a consensus |
| Bear Stearns. The dollar has played a huge role in | | | | that if this is the worst there is, then the market |
| this, as has the surprising resilience of domestic | | | | will experience a recovery from the recent |
| demand for New York City's apartments. | | | | negativity with perhaps record speed. |
| Supply, too, has helped considerably. Unlike most | | | | |