Around the globe, New York City is known for having one of the premier luxury real estate markets and some of the most distinctive properties on the planet. With a collection of opulent apartment homes that compete with the likes of London and Hong Kong, NYC is known around the world for its premier listings. This global recognition has not only helped the luxury market in the Big Apple thrive, but it has also brought in buyers from all over the world who are looking to get their piece of the New York City market. Recent reports on the luxury NYC market have indicated that there has been a major increase in the number of international buyers who have purchased luxury real estate in New York City over the past few years.
While it may seem strange to some that these international buyers are purchasing homes for millions of dollars, that they will only visit a few weekends a year, the number of international buyers who are purchasing these types of properties is growing exponentially. Industry insiders have revealed that these clients are typically all looking for the same things; new homes that are at least 3,000 square feet in sizes and that come with all of the bells and whistles expected of a true luxury apartment. This not only means top-of-the-line features and fixtures, but stunning views and full service doormen and concierges as well. This is a home that can generate a price tag in the tens of millions of dollar range in New York City. This has attracted buyers to new buildings in the NYC market like One57, 75 Wall Street and 60 Riverside Boulevard. This is where buyers are able to find luxury penthouse homes in some of the most convenient locations in the city.
There are many who are left wondering what exactly this foreign invasion will do to the New York City real estate market. The truth of the matter is that some of the effects of this recent influx of foreign buyers can already be seen throughout the market. First, developers are racing to create these new luxury buildings in some of the most sought after areas of the city, such as the popular Upper West Side neighborhood. Another thing that buyers are noticing is that the prices of these New York City homes are continuing to rise as more high-end buyers find their way to the city. As for how much prices will rise, only time will tell to see what the real impact will be with this recent real estate trend and how much higher the already pricy cost of living in New York City can be.
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