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The Future of the Luxury Housing Market in New York City

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




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