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Demand for luxury residences goes sky-high in New York

…Even as some industry watchers are keeping a close eye on the buying frenzy, others are less fearful. Jonathan Miller, president of appraiser Miller Samuel, said most of the buyers are in better financial shape than those that were frantically scooping up properties in 2006-07.

“What we’re seeing is pent up demand from people who are mainly cash buyers looking to preserve wealth. Financing is less of an issue than it was last time. Because of this the developers are targeting this segment,” he said. “More supply coming online over the next couple of years will also mean we’re less likely to see a runaway market.”…

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