During downturn, low-end supports market

December 21, 2008 08:11PM

Kirk Henckels, who handles the high-end property division at Stribling &
Associates, said that for a long time, the luxury market was supporting
Manhattan real estate, but now the low end is seeing more buyers. Sales
under $5 million are continuing, but at higher price points, there have
been so few sales that no one can gauge the loss in apartment and townhouse values, Henckels said. Brokers said only a handful of deals above
$8 million have gone into contract since October, and most of the
closings in that price range have been for properties that went to
contract earlier in the year.

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