High-end properties in the New York City marketplace have been the subject of much demand and a fast sales rate during recent years, The Wall Street Journal reports.
As a result, the newspaper says that developers are quicker to put luxury penthouses in new condominiums onto the market before other units. This unusual sales technique comes as real estate brokers in the Big Apple continue to report a record sales rate in the high-end market.
Traditionally, developers only market luxury penthouses in new builds after the rest of the units in the building have sold, but high demand, especially from international buyers, has changed this strategy.
"It is a pleasant time to be in the market," FLAnk managing director Tim Crowley told the Journal.
However, New York City homes for sales have much more to offer than just luxury penthouses. In fact, the most recent Standard & Poor's/Case-Shiller Home Price Index found that prices in the city fell 2.9 percent in January from a year earlier. As overall home prices continue to trend lower in NYC, it only makes the prospect of purchasing property more affordable.
