A World Unto Itself - Luxury New York Real Estate Strongly Impervious
Released on: February 27, 2008, 3:47 pm
Press Release Author: Jeffrey Sussman
Industry: Real Estate
Press Release Summary: Luxury New York real estate is impervious to subprime mortgage woes. Prices keep rising. There are more buyers than there are apartments.
Press Release Body: From: Jeffrey Sussman, Inc. Marketing Public Relations 249 East 48 Street FOR IMMEDIATE RELEASE New York, NY 10017
New York, NY --- While the price of housing drops across the country and foreclosures rise, the market for luxury condos and co-ops in New York City remains impervious to those unfortunate economic trends. Rather than prices stabilizing as some have said or even falling as others think it might, prices of luxury dwellings are actually increasing and there is no dearth of buyers. There are not only many corporate presidents, CEOs, doctors and lawyers who are buying expensive co-ops and condos, but so are movie stars, rock stars, and foreigners who are taking advantage of the weak dollar. According to Carol E. Levy, president of New York's top independent real estate brokerage firm, Carol E. Levy Real Estate, "I have an extraordinary number of listings and the constant calls from buyers willing to spend millions of dollars on Manhattan real estate has been nonstop. The deals are closing rapidly and sellers and buying bigger and better new properties. One might have thought that the uncertainty in the stock market and mortgage problems would have a negative influence on prices, but New York is immune and prices are as high as ever. People are willing to pay the price to live in the world's greatest city, especially in the best neighborhoods and finest buildings. I recently represented the buyer of an estate apartment that he purchased for $3,000,000 last summer; and due to a job relocation, he had to sell it just a few weeks later without having moved into it. After I staged his empty home for a mere $25,000, I sold it in one month for $4,000,000, which was a record-breaking price. The buyer is the president of a large company and his income is unaffected by Wall Street." "In another case, a client thought her two-bedroom apartment was worth no more than $1,600,000 given recent comparable sales. I advised her that if she spent $65,000 to divide her double-sized living room and reconfigure the apartment as a three-bedroom with a regular sized living room, in addition to renovating the dated kitchen, painting, and adding new lighting and bathroom fixtures, I could sell it in the high two-million dollar range. After I oversaw the work, she then allowed me to rearrange her furniture, de-clutter and add fresh flowers. I sold it after only two weeks on the market for $2,800,000, which was also a record-high price for the building." Joe Mardesich, the former president of mortgage company National Apartment Finance, said: "While the mortgage business is experiencing hard times in many locations around the country, the New York City market seems impervious to an economic downturn. It is one of the few markets around the country where it's still highly profitable to be in real estate; it is where the savvy investor can make a considerable profit in a relatively short period of time." For further information about Manhattan real estate, visit www.carolelevy.com
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