For years, New York City has distinguished itself as being one of the most unique and often difficult to navigate real estate markets. Year in and year out, thousands in the city face the struggles of finding the right luxury apartments before they’re snapped up by another buyer. Homes are known for selling in hours or even days, but as the market continues to take off, many sellers have found they need to stand out from the competition in order to get their home to sell for top dollar. This is why many sellers are embracing a new trend of selling their homes, with their neighbors and marketing their properties as larger ‘joint apartments.’ As the luxury housing marketing continue to flourish many have found they are able to catch the attention of high end buyers who want more than an average NYC apartment by taking this innovative selling approach.
Many have found that when they combine their homes with a neighbor, next door, or above or below their unit, that they are not only able to sell their home faster and get a better offer, but that they are often also able to get more for their home than they would if they would sell it alone. For sellers this means a new opportunity to make money, but it also means a lot for luxury buyers as well. For buyers who are interested in investing in a truly exceptional home, this trend opens up many new possibilities. The idea of combining apartments in nothing new, particularly in NYC, but now there is far less hassle as joint homes can be sold together, and purchased in a single transaction.
By taking the square footage of two average sized apartments and combining them into a single, massive residence, the luxury market has opened up even more for buyers. Many times, they are even able to get a better deal on buying two smaller units than they would on a much larger home in a similar area. While there is some risk involved with sellers who decided to partner up with their neighbors for these “joint transactions,” this is one trend that doesn’t seem to be going anywhere soon. In fact a recent listing at The Ritz Carlton New York, Battery Park, featured three units being sold together as part of the crowd selling trend. The result? space enough for 12 bedrooms and 15 bathrooms.
These crowd sale listings are also being found throughout other luxury neighborhoods and in areas like Manhattan and the Upper East Side. Area professionals are hoping that this trend finally gets rid of one of the most difficult components of the NYC luxury market: the lack of space often available in the city, and opens up brand new opportunities for buyers from around the world.
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