| For a little over a year now, the
| |
| | Market activity, by most accounts, has
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| strength of the New York City realestate
| |
| | slowed over the past quarteror so, though
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| market has been a stark contrast to the
| |
| | prices have not dropped. Pricing in
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| national market. Asthings worsened
| |
| | housing marketsoften follows changes in
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| across the country, the news was either
| |
| | the volume of activity, even in the
|
| great or just
| |
| | luxurymarket.
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| OK for New York City.
| |
| | Weighed against this change, however, is
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| As the market finally started to show
| |
| | the weak dollar, which hasdramatically
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| signs of its own mortality towardsthe end
| |
| | increased foreign demand for luxury New
|
| of 2007, the overall numbers were still
| |
| | York City apartments.
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| fairly positive. Theluxury housing
| |
| | In addition, the strong end-of-the-year
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| market was propping the rest of the
| |
| | bonus season will continueto bolster the
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| city's market up.
| |
| | spending plans of wealthy families in the
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| Most luxury markets are typically
| |
| | city throughoutmuch of the year.
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| well-removed from the business cycle,so
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| | With supply and demand both in relatively
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| it came as little surprise that, even in
| |
| | strong places, it is difficultto see a
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| the wake of the financialmarket's
| |
| | severe drop off in prices in the luxury
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| problems, the luxury apartment market
| |
| | market. For instance,the credit crunch,
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| held up well againstthe national
| |
| | for instance, has led many banks to
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| downturn.
| |
| | tighten theirlending standards, according
|
| What was a surprise however, was just how
| |
| | to a recent study by the Federal Reserve.
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| strongly the market performed.
| |
| | However, few, if any, of those looking to
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| Several new buildings full of luxury
| |
| | purchase luxury New Yorkapartments do not
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| Manhattanapartments opened, andaverage
| |
| | have sufficient credit or collateral to
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| prices for the luxury market continued to
| |
| | secure aloan.
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| climb.
| |
| | That's not to say interest rates will not
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| As the economy sinks further into a
| |
| | increase, even in the wakeof the Fed's
|
| recession, and as the news of
| |
| | strong interest rate cuts. But it is
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| Bear Stern's demise spreads, worries are
| |
| | unlikely that anincrease in rates will
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| beginning to mount over justhow long the
| |
| | dramatically harm demand for housing
|
| luxury New York apartment market can keep
| |
| | among thewealthiest members of the
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| it up.
| |
| | world's richest city.
|
