Uber-wealthy drive top of market to new heights, but $5M to $20M segment lags

TRD New York /
Sep.September 11, 2012 01:30 PM

“$80 million is the new $20 million,” Kirk Henckels, Stribling & Associates’ director of private brokerage, told the Wall Street Journal. The upper-most echelon of New York City residential real estate is reaching heights never broached by the pre-recession market, the Journal said.

According to numbers from Stribling, the record sale price was about $6,000 a square foot in 2008, and has now reached more than $10,000 a square foot.

“The uber-rich have finally unleashed the liquidity that was well known to exist,” Henckels, told the Journal. “Clearly they are no longer embarrassed to show their wealth.”

Meanwhile the middle of the market — the $5 million to $20 million range, in this case — has been left behind, Henckels said. There were 388 sales in the $5 million area this year through August, Stribling’s numbers show, down 7.4 percent year-over-year. [WSJ] — Guelda Voien

 

Related Articles

arrow_forward_ios
135 Joralemon Street in Brooklyn Heights and 48 2nd Place in Caroll Gardens (Credit: Wikipedia)

Brooklyn luxury market saw 15 contracts signed last week

130 Furman Street and 296 Sixth Avenue in Brooklyn

Brooklyn’s luxury market saw 22 contracts close above $2M last week

The state of new development, according to those who build and sell it

The state of new development, according to those who build and sell it

83 1st Place in Carroll Gardens and 952 East 9th Street in Midwood (Credit: Google Maps)

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling

REBNY president John Banks and Zillow CEO Richard Barton (Credit: iStock)

Two years after Premier Agent fracas, NYS regulators tighten rules for online ads

From left: Robert Reffkin, Elizabeth F. Stribling, Elizabeth Ann Stribling-Kivlan, and Compass COO Maelle Gavet; Inset, from left: Linda Maloney and Megan Scott

Two months after Compass deal, Stribling’s seeing a string of departures

The interiors of 16 Sidney Place and 15 Willow Street in Brooklyn

Brooklyn’s luxury market saw 20 contracts close above $2M last week: Stribling

215 Clinton Avenue and 16 Grace Court Alley in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury market saw 15 contracts close above $2M last week

arrow_forward_ios