A big ticket home for sale in New York City recently sold in a multimillion-dollar deal, demonstrating why the local real estate market is still one of the most coveted destinations for buyers in the world.
According to the New York Times, a 4,000-square-foot apartment of the 68th floor of the Time Warner Center was sold last week for roughly $19.5 million. While home prices have fallen by as much as 30 percent in some parts of the country during recent years, the seller of this home purchased the property in 2009 for $12.6 million – leaving him with an estimated $7 million profit.
The apartment comes with all the amenities necessary to inhabit a $19 million home, such as a Creston automation system that can control the home's lighting, window shades, HVAC system and stereos from one control panel.
While the price of this apartment is probably out of the price range for most prospective buyers eyeing the Big Apple's housing market, the most recent Standard & Poor's/Case-Shiller Home Price Index found prices in New York City fell 2.9 during the fourth quarter last year on an annual basis – making overall prices more affordable.
