If 2012 was the comeback year for the luxury-home market, what will 2013 bring? Well, according to industry insiders and real estate analysts, momentum at the high-end seems to be continuing in the new year, especially among affluent international buyers.
In NYC real estate, 2012 might best be remembered for it’s record-breaking sales of luxury real estate, beginning with the sale of former Citigroup chairman Sandy Weill’s 6,744-square foot penthouse at 15 Central Park West for $88 million to Russian fertilizer heiress Ekaterina Rybolovlev. Copycat deals with price tags ranging from $70 to $90 million soon followed at 50 Central Park South and One57. As foreign buyers looked for opportunities to invest their liquidity and domestic sellers competed for trophy properties and record-breaking deals, prices for luxury properties continued to climb.
And as 2013 unfolds with ultra-luxury building development on the rise and contracts in existing high-end properties closing, the trend of big-ticket pricing seems likely. Meanwhile, for buyers looking for Manhattan properties that mere mortals can afford, industry reports are watching developing neighborhoods such as Nomad (“NOrth of MADison Square Park”) which extends from 25th to 30th Street between Sixth and Lexington; Yorkville, an area of the greater Upper East Side south of 96th Street and North of 86th Street; and Canal Street, the main spine that runs through Chinatown but borders trendy Tribeca and Soho.
But whether you are looking to park your millions in a high-end, uber-swanky address or invest in the next hot neighborhood and make millions, you should consult with an experienced real estate attorney to protect your valuable assets and close the deal successfully. For more information please contact Felix Nihamin & Associates, P.C. at 212-502-4868 ext. 302.