When it comes to luxury real estate, New York City is known throughout the world for having some of the most stunning homes available. When it comes to luxury homes, no one does it quite like New York City. From modern loft apartments to massive city townhouses, there is something for every one in the luxury real estate New York City market. However, for first time buyers, entering into this arena, it is important to know some of the basic facts about buying a home in New York City.
The average piece of luxury real estate in New York City sold for $1,565 per square foot in 2013. This statistic comes from Christie’s International Real Estate, a luxury real estate network. This means the average 1,000 square foot luxury apartment sold for more than $1.5 million. With this statistic alone in mind, it is important to go into the luxury real estate market knowing what type of numbers to expect. It is important to also remember that these are the average prices for luxury properties, and while there are cheaper homes in NYC, most do not hold a candle to the amenities that these luxury homes offer.
When buying luxury real estate, New York City, buyers are also able to find homes that simply cannot be found anywhere else in the world. In New York City, luxury homes are often those that boast the right location. While many luxury properties in other markets focus on the value of space, those in New York City focus on location. With the right luxury property in the city, all of the Big Apple can be right at your fingertips. High end buyers will be able to walk or easily get public transportation to some of the most sought after attractions in New York City, all from their home. This is an important feature that luxury buyers should be aware of when they start to look for the right home, as in this competitive market, location is everything.
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