Wealthy Buyers Return with Lots to Spend But Little to Buy, NYT

Pity the long-suffering brokers of luxury Manhattan real estate. They endured a lonely spell, waiting for the phone to ring. Few properties sold and few buyers were even looking. Now with the Wall Street bonus season about to begin, they are suffering again, they say, but this time because of a drought in inventory...These buyers are joining a market already crowded with wealthy foreigners looking to take advantage of the weak dollar, brokers said...When sales first began to pick up over the summer, brokers say, some of the best-priced listings were sold; they have not been replaced by a new supply of similar listings. Buyers who might have been self-conscious about buying luxury apartments in the midst of the recession are now back in the market, said Kirk Henckels, the director of Stribling Private Brokerage. “Now when you can say you bought it at a third off of its previous value, it is not quite so embarrassing,” he said. “You look smart.”
By Josh Barbanel, Nov. 22, 2009 NYT

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