With the rise in popularity of luxury condominiums in NYC, the availability of a condominium has dropped drastically. As one of the top cities in the world for international residents, New York City has attracted an impressive array of international magnates and celebrities. These luxury condominiums in NYC boast of impressive design features and lavish interiors that make them especially appealing to home buyers.
The Rise in Condominium Sales
Although sales of co-ops are falling, luxury condominiums in NYC only had a three month supply at the beginning of 2014. Part of this change was driven by the desire of wealthy international buyers who wanted property in one of the richest enclaves on earth. The beginning of 2014 saw an increase in sale price of 5.3 percent for luxury condos. At the same time, the median price rose to the highest level ever tracked. During this time period, there were only 4,000 apartments for sale in the luxury condominium category.
What This Means for Condo Buyers
The demand for luxury condominiums in NYC is only set to increase over the coming years. This is fueled by several factors. There are only so many condominiums that can be built within the city, so the supply is limited in how much it can increase. At the same time, the demand for New York City condominiums has not fallen. With so many businesses operating out of Manhattan, professionals will remain in the area and require a place to live. The added interest of foreign buyers, celebrities and the ultra-wealthy has ensured that this area will continue to see property values appreciate.
The Time to Buy is Now
For prospective buyers, the time to buy is the present. With rising property values, purchasing luxury condominiums in NYC can be a profitable endeavor. Likewise, residents will save money by buying now instead of waiting for the property values to increase even further. With so few units available in the city, the condos that are on the market tend to be bought up quickly.
Living in the City
Unlike the rest of the United States, New York City has a thriving public transportation system. Condominium owners can choose to park in a garage, or they can relax during the morning commute on a shuttle, subway train, bus or ferry. Living in the financial center of the world offers residents in the city easy access to businesses, fine dining, museums and recreation options. Whether residents want to take a stroll through Central Park or burn calories in a yoga studio, every option is at their fingertips. Life in New York City is never boring. Filled with eclectic cultures and a thriving nightlife, New York City is the place to be for condominium owners.
