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In 2013, the High End Ruled

Rising demand and a record shortage of apartment listings set the stage for a seller’s market in 2013. But new development stole the spotlight. After a four-year dry spell, a crop of new luxury condominiums aimed at the superrich opened in Manhattan and were snapped up faster and at prices surpassing those attained before the recession. “Newly introduced development absorbed far faster than anyone could have predicted,” said Kelly Kennedy Mack, the president of Corcoran Sunshine Marketing Group. “Extremely compelling properties, limited supply and a hungry pool of both domestic and international buyers drove rapid sales.”

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