Recent reports regarding the ultra-high end real estate market in the United States have shown that the ultra-luxurious homes in this country are struggling to sell and that this real estate market may not be as luxurious as it seems. According to a recent report, ultra high end foreclosures in 2013 were up 61%, a statistic that defies the trend of the 23% decline for the overall market. With this drastic of a contrast it can seem remarkable that these numbers are even possible; but they are and there are many markets within the United States who are simply unable to accommodate the sales of these luxury homes and there are many homeowners who are simply unable to afford these ultra-expensive homes any more.
However, not every luxury real estate market in the United States is floundering. In fact a series of recent reports on the New York City luxury real estate market shows that this market is still flourishing. A look at the New York City luxury real estate market over the past year has shown that this market has continued to grow and thrive. New York City’s market as a whole is currently ‘on fire’ and continues to grow while the influx of investors to NYC has made the company’s luxury market one of the most successful in the world.
The numbers regarding the luxury real estate market in the United States refer to homes that are valued at more than $5 million. There are plenty of properties like this in New York City and countless properties that continue to sell. For many, they believe that the investors that choose to have second homes or investment properties in New York City, are the ones keeping this market afloat. Through the country, markets such as Atlanta, Orlando and Los Angeles are all facing the most amount of foreclosures on these luxury properties. However, these cities do not have the same influx of investors turning to their market for second, third or fourth properties. Whether it is truly the investors that are keeping the New York City luxury real estate market afloat, or not, there is no denying that there is something in NYC that is helping this market thrive while other areas of the country struggle to have their luxury markets sustain themselves.