Current luxury market outpacing 2004

The Manhattan luxury real estate market is stronger now than it was in 2004, according to a new report by brokerage Stribling & Associates. In fact, the higher-end properties in the market those townhouses that fetch $10 million and up, say, or the condos commanding at least $5 million seem to be selling faster than ever. In the first half of 2005, sales of co-ops more than $5 million exceeded by 40 percent the number of such sales during all of 2004, according to the report released Wednesday morning. And sales of townhouses worth more than $5 million experienced in the first half of 2005 a 39 percent increase over the same period last year.