Enter the complicated world of real estates


Real Estate Agent Anecdotes Suggest Strong Summer

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



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