Suddenly, after sitting on the market for months and months, high end luxury apartments are selling...and selling fast.
The sudden movement is not a fluke. Brokers say they've seen a spike in activity at the very top end of Manhattan's market. The surge comes at a time when the rest of the market has slowed down for the winter, amid high unemployment and fears of double dip recession.
One of the reasons that the high end market has returned is that the "taboo" of buying luxury items after the collapse of Lehman has deteriorated and folks are feeling better.
International interest is also helping to fuel the luxury market, in particular, buyers from Russia and South America.
What ever the reason and from where ever they come, one thing is undeniable...multi million dollar homes are selling again and we in the brokerage community are very happy about it.
Jan 5, 2011
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