New York City has been known throughout the world for having some of the most unique luxury properties available today. While neighborhoods such as Manhattan have become infamous for their luxury properties, recent reports have revealed that the housing for the one percent in this popular New York City neighborhood has risen in price even more and there is now a new standard for luxury in the Manhattan housing market. These reports have revealed that the median sale price for new luxury properties in Manhattan has risen 72 percent with the median luxury price has risen to $7.85 million in the last year, up from $4.564 million in the last quarter of 2012. For luxury buyers in the market this means there are even more high end properties available for those who truly want to experience the luxury that New York City is known for.
According to real estate professionals as the economy continues to rebound, these prices will continue to rise and even more newer, bigger and better luxury properties will continue to appear in New York City as there continues to be a market for these homes. These reports also reveal that the new luxury homes in neighborhoods such as Manhattan are soaring to new heights not only in terms of price but in terms of amenities as well. These homes are becoming bigger, more extravagant and featuring more bedrooms. Reports have revealed that the prices for the most expensive new development homes in Manhattan has increased by 34 percent since last year.
These prices continue to rise, with the average cost being around $2,661 per square foot for these new luxury homes, thanks to the increased demand. Buyers from all over the world are looking to Manhattan for luxury city living and as the demand continues to grow and buyers continue to snatch up these luxury properties at record rates, even more, new exciting properties continue to be introduced to the area.
While Manhattan is a hub for these skyrocketing prices and these exciting new developments, there are other New York City luxury markets that are also growing by leaps and bounds in the luxury sector. In Brooklyn, prices have jumped by 20 percent and new luxury homes are selling for millions in neighborhoods like Queens and Long Island City now as these high-end homes start to spread to areas all over NYC.
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