Some of the top trends in the NYC residential real estate market.
In the 1980s and early 1990’s the average ceiling heights in new developments were a little over eight-feet. Today, the 11-foot ceilings are the new eight-foot-ceilings in residential luxury developments.
Stricter Approval Process with Condos
At new condominium development, 220 Central Park South, interested buyers must first fill out a questionnaire providing information about their background and assets. If they pass the vetting process, they may visit the sales center. According to The Real Deal, several prospective buyers were rejected by the developer without explanation.
Bathrooms with a View
Price Chops on Luxury Apartments
The NYC luxury market has slowed considerably. Luxury apartments priced $4 million and up are taking longer to sell, averaging 419 days on the market (180 days is the average range).
Here are just a few of the most recent price reductions of luxury apartments in Manhattan.
Three years ago this penthouse apartment at One Beacon Court was listed for $115 million. The price has been subsequently reduced several times; it’s currently listed for $67.5 million.
Originally listed for $60 million in August 2015, the penthouse at the Baccarat eventually sold for $42.55 million in June 2016.
The Gucci sister’s penthouse was originally listed for $45 million in June 2015. The price was reduced to $35 million a year later.
Tommy Hilfiger listed his apartment at the Plaza in 2013 for $80 million. The current asking price is $58.9 million.
A condominium townhouse listed at 66 East 11th Street was placed on the market in April 2016 for $17.5 million. The price was reduced to $12.7 million in October 2016, a 27% price reduction. According to The Real Deal, Leonardo DiCaprio owns a place in the building.