New York City Luxury Real Estate Parameters
A recent survey by a firm that tracks the buying habits of high net-worth individuals listed the top ten cities where the ultra-wealthy have homes. Manhattan placed at #1, ahead of Paris, London, Hong Kong, Singapore, among others. It is no surprise then that New York City luxury real estate attracts wealthy buyers. While the ceiling for these high-end buyers are residences that list and sell in the mid five-figure millions, ‘ground-level’ luxury apartments may be had from just under a million dollars on average. Size, location, and address are key elements that separate the low-tier luxury from its high-end in Manhattan real estate.
As might be expected, there are far more individuals, couples, and families in the pool for residences that range from one million to five million dollars per unit. There may also be fewer luxury apartments and residences coming on the market now than in previous years. This factor can make the home-buying experience less predictable for first time and upgrading buyers alike.
How to Simplify the Buying Process
Competition for available New York City luxury real estate listings is fiercest, however, at its threshold, the entry-level luxury apartment buyers. Interest in any available Manhattan real estate usually creates bidding wars which drives prices higher, eliminating those on the financial cusp. Prospective buyers moving up into a luxury residence need a guide to steer them around the potential pitfalls created when buying a home in the real estate climate known as the ‘buyers’ market.
The Best Way to Purchase Luxury Real Estate in New York City
Multiple offers on desirable properties are inevitable. With the right guidance and due diligence from Roxann Realty’s brokers and sales team, however, you can be certain of a positive outcome. With several generations’ experience, the professionals at Roxann Realty can assist prospective homeowners to find a suitable residence for themselves and/or their families.
To learn more or to schedule an appointment, we invite you to contact us today!