(Read more on the multifamily market.)
NEW YORK CITY-Stribling Private Brokerage, a division ofStribling & Associates, notes continued low inventory andrising prices in the first half of 2007 for the luxury residentialmarket in Manhattan, along with record-breaking sales of trophyproperties, several at or above $50 million. According to KirkHenckels, EVP and director of the brokerage and author of themid-year luxury report, "$50 million is the new $30 million."
The report says that looking forward, when the financial marketsstabilize, it is predicted that the residential real estate marketswill remain strong due to the lack of supply and the sheer amountof liquidity, albeit reduced, among purchasers worldwide. "Withoutappropriate inventory levels, it does not matter how much money anddemand there might be in a market," Henckels says. "The lack ofsupply puts a damper on the number of sales while forcing pricesup. And there continues to be an extraordinary amount of wealth inthis market, despite the current fluctuations."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
