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Mere mention of New York City conjures up images of a city that is full of life and exuberance for good reasons. The urban atmosphere of New York is remarkable and is well known globally for its luxury home market that has much more to offer. The availability of immaculate condos for sale in NYC and its historic townhouses especially in Manhattan are remarkable. The international real estate buyers are a surprised lot with the New York luxury homes market rebounding very quickly amidst the recessionary tendencies. There is now an increasing trend among people for buying smaller but equally luxurious homes. The New York real estate market especially Manhattan marketplace remains bullish. Robust sales activities, increase in prices and a shift in the balance of market to sellers are playing a dynamic role during this year. The affluent buyers are looking forward for buying New York Luxury homes. The Coldwell Banker Previews International Survey-2013 report has shown that there is a tremendous energy for luxury real estate both in United States and abroad. According to the survey, Americans (with minimum gross annual household income of $250,000) the majority of today’s affluent consumers reported that they own at least one home and expressed confidence in the value of owning real estate. As per the survey, location emerged as the most deciding factor for real estate buyers while one in five affluent consumers and about 24% of ultra affluent consumers said that they are not limited by geography and have the freedom to buy or purchase a property that truly fits their lifestyle. Affluent consumers are looking to buy luxury apartments in the city of New York where majority of real estate comprises mostly of cooperative and condominium apartments with a smaller section of private homes popularly known as townhouses or brownstones. There is a high-end growth in Manhattan for housing projects as housing for the working and middle class is in increasingly short in supply in this city. The builders of ultra luxury apartments are having much more latitude on costs due to their securing striking prices for their projects. The pent houses are going for more than $20 million and builders are signing contracts with buyers for 70% of the 140 apartments in a very short time. There is a pent up demand for condos with helicopter views. Therefore, it can be concluded that the demand for luxury homes is driving up the overall costs of land in this city.
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