Stribling Private Brokerage has a new report out about the over-$5 million Manhattan home market and guess what? It’s better than ever!
Why, there’s been more such townhouse sales—56—in the first six months of 2007 than there were in all of 2005, 2004, 2003 or 2002. And last year had 60 townhouse sales at $5 million or more, so 2007 should beat it big-time. Finally, there were more townhouse sales of at least $20 million each in the first six months of 2007 than there were in every other year combined.
The first six months of 2007 saw 69 co-op sales of at least $5 million each, more than in any other year—and tying 2005’s number. This 2007 pace is also set to break last year’s high of 83.
So, just what makes 2007 such a smashing year for the luxury housing market? The same things, apparently, that make it such a smashing year for the market overall: foreign money, local money from a very healthy Wall Street, hedge fund money, money, money and more money. And low inventory, particularly in co-ops, can’t dampen the whooping good times. Nor can this pesky credit crunch as the sorts of people who buy $20 million townhouses or $10 million co-ops don’t normally dwell in the mortgage markets too much, subprime or otherwise.
And, well, any bad times in the luxury market can be blamed on the media, of course, according to Kirk Henckels, the Stribling executive who wrote the report:
Each year the Manhattan real estate market has its traditionally sleepy August and the media publishes negative reports. However, in each of the last several years, the market has come out of Labor Day only to surge to new heights.
So, get back early from the Hamptons. It's going to be a rager.