We often read about $90 million penthouse
purchases in Manhattan or multi-million dollar log cabin purchases in Aspen
, but few of us know what the Mega Real Estate Market is truly like.
Palm Beach, The Hamptons, Aspen and Manhattan are just a few of the locations we often associate with extreme wealth and expensive residences. The recent estimated $90 million sale of a Manhattan penthouse was a record breaker and has the world abuzz with buyer speculations. There is also the heavily talked about billion dollar residence being constructed in India that looks more like a personal condo building than a home.
Wealthy International buyers are taking full advantage of these luxury estates which can be seen by the large influx of Chinese, Russian and South American buyers. These high end real estate purchases are viewed as an investment; some buyers don’t even visit the residences before purchasing! There is such a high demand for these mega luxury properties, that in places like Aspen the inventory has decreased by 50%!
While few of us have insight into this ultra high end market, it certainly is interesting to read about these rising trends.
Today’s Featured Unit is the gorgeous 1,323 SF 3 BR/3 Bath condo located steps from Ft. Greene Park in Brooklyn. In addition to a generous living space and beautiful fixtures, this home at Fino 122 features private keyed elevator access. You will get used to the serene silence provided by the double-paned European windows, making it much easier to enjoy your spa quality bathrooms.
Fino 122 is located in the heart of charming Ft. Greene where you will have easy access to fantastic shopping and dining, such as Luz Restaurant and The General Greene.
To find out what life is like in Ft. Greene, schedule an appointment with Elizabeth Stile at (212) 381-6543 or email her at email@example.com.
There are quite a few tricks of the trade when it comes to getting your residence ready for the market. Modifying closets is one valuable addition you can make, but did you know replacing doorknobs and locks can also help add value to your home?
Buyers want to check every nook and cranny before they settle into a place they love, so why risk having them turn down your home over some flimsy locks and doorknobs? The doorknob is the first thing a potential buyer feels when they enter your home so making sure their first encounter is solid can sometimes be the difference between a sale or not.
If your budget allows it, replacing finishes can also help boost value. Simple polished chrome or brass can give your home a sleek modern look without significantly increasing costs.
If you are selling or looking for a new home, consider these helpful tips before making any big decisions.
Image + Article Source: The New York Times [Read Full Article Here]
Today’s Featured Unit is the beautifully expansive 1,002 SF 2BR/2 Bath Cond-Op at the Adam Clayton Powell Building in Upper Manhattan. This well thought out home boasts an open kitchen and stunning Brazilian cherry hardwood floors. The aesthetically pleasing interior design meshes well with the central air, washer/dryer and large closets.
Some of this building’s spectacular amenities include a fitness center, Club room, garage and rooftop garden.
Come see what life at ACP is like this weekend Saturday from 11:30-1:30 or Sunday from 2:00-4:00.
With mortgage rates at an all-time low and skyrocketing rents in Manhattan many renters are considering purchasing a home. A recent comparison conducted by The Real Deal outlines the costs associated with renting vs owning. Below 96th street, owning a 1 bedroom condo was around $4,247 per month, owning a 1 bedroom co-op was around $4,449 and renting a 1 bedroom apartment came out to about $3,200 per month. In certain neighborhoods it’s clear that owning is often cheaper than renting. For example, you can own a West Village studio for $2,569 per month compared to paying $2,795 to rent! In Battery Park City a 4 bedroom condominium will run you $10,232 per month to own and $15,250 per month to rent.
With the rising trend of what is called “The Investor Next Door”, where individuals buy condos in the buildings they live for the purpose of renting, investing in a Manhattan co-op seems like a smart move. If you are in the market for Manhattan real estate, whether buying or renting, doing research is highly recommended to help you make the smartest financial decision that fits your needs.
Image + Article Source: The Real Deal [Read full article here]
Today’s Featured Unit is a sprawling 2,512 SF 3BR/2.5 Bath condominium from the Townhouse Collection at Kirkman Lofts. You will fall in love with the open spaces, dramatic ceilings, private elevator and the expansive private terrace. That, and you get to call the DUMBO neighborhood home!
Some of the building amenities include a fitness room, rooftop garden, courtyard and attended lobby.
Come see the beauty at Kirkman Lofts Saturday and Sunday from 2-4pm, before the last remaining units are gone!
When markets are booming, condominiums are often snatched up quickly by invisible buyers and flipped soon after for big profits. This past year, however, a new breed of investor has emerged, one that is being dubbed “The Investor Next Door”. People are buying two and sometimes three units in the buildings where they currently live as investment properties.
Our own Stephen G. Kliegerman says that “these are people who are looking for investments they can understand and somewhat control”. Because the stock market is becoming more and more difficult for the average person to understand, people are reverting back to investment opportunities that make sense and real estate is at the top of the list.
Interest rates are low making it a great time for people to buy and rent out these investment properties. The convenience of being able to watch over rental properties is very attractive to some investors; rent checks are slipped under their doors and they can personally oversee their tenants. Elisabeth Kovac (seen below) owns two apartments at Fifth on the Park, one she lives in and the other she rents out. She has watched the units get snatched up in her building over the years making the decision to invest in a rental property even easier.
These investments are not to make a quick buck, according to a research company in West Chester, Pa., people interested in purchasing these properties as investments should plan on sitting on them for a while. We think this is a great trend in real estate and recommend taking a further look if this sounds like something you might be interested in!
Images + Article Source: NYTimes [Read full article here]
Today’s Featured Unit is a gorgeous multi-level 1,238 SF 2BR/2.5 Bath Penthouse at Gramercy 19. Take in the beautiful views of Gramercy’s tree-lined streets through the floor-to-ceiling windows that wrap around this expansive unit or outside on the sweeping private terrace.
Some of this building’s extraordinary amenities include a membership to The Player’s Club with first year’s dues paid, a key to the city’s elite Gramercy Park and easy access to some of New York’s best shopping and dining.
Schedule an appointment with Dorothy Somekh at 212.381.2265 or dsomekh@halstead this weekend.