Manhattan's luxury properties remain the healthiest sector of the borough's residential market

As we enter the fall season, Manhattan real estate professionals are gearing up for their busy season. Brokers, buyers, and investors all return to the city and look to make and spend money respectively. Much to the dismay of market doomsday predictors, the Manhattan market has weathered the notorious credit crisis experienced this past August. Although lenders have tightened their restrictions on prospective borrowers, they are still generating loans and deals are getting done. The bottom line is that in a city that enjoys steady population growth, buyers need to buy and sellers need to sell. The healthiest sector of Manhattan real estate remains the luxury market and large 3 and 4plus bedroom units. These buyers are not affected by the credit crunch because they are the buyers who do not fret about securing mortgage. These are the all-cash buyers or buyers who do not blink at putting down more than 20%. It is these buyers who will eventually convert into the sellers who stand to profit the most. A perfect example of this situation is happening right now at 15 Central Park West. Many scoffed at the buyers who purchased units during the preliminary stages of sales where they were buying at $2,000-$3,000 per s/f. Now, these averages are reaching $5,000 per s/f.Like it or not, the old adage of the rich getting richer remains true to this day. The luxury market is also being boosted by the continued increase in foreign investors. The weakening dollar has allowed foreigners, especially those carrying Euros and British pounds, to purchase real estate in Manhattan. Foreigners are placing their money in Manhattan because it is the only viable market in the country. Although foreign buyers recognize this fact, many Americans read the national real estate reports and believe they can find good deals in what they believe is becoming a buyer's market. This is not correct. Manhattan real estate continues to be resilient. However, since the rates of appreciation are not as high as they were a few years ago, there will be some sellers who find themselves in a situation where they must sell and this is where you will find the deals. I will leave you with the following tips...For the buyers, there are deals out there but you need to look for them. You have a small window to find a bargain, so take advantage now, the opportunity will not last. For the seller, price your property based on contract signed comparables and not on available inventory, this will generate the proper traffic to your unit so that it will be sold in a timely manner. For the brokers, only work with motivated sellers. Ilan Bracha is the president of the Bracha Grp. and VP at Prudential Douglas Elliman, New York, N.Y.