While not a totally accurate name, “affordable luxury” homes in New York City are in demand.
The New York Times reports that, as of June, condos priced $500,000 to $999,000 took 4.7 months to sell on average. Condos selling for more than $10 million, by comparison, were moving at an average of 25.7 months.
Buyers are sacrificing size and keeping high-end finishes, amenities, and views of the city.
While smaller apartments allow for lower prices, another way that developers are keeping prices in check while delivering luxury amenities is by venturing into areas where new developments are unexpected. It’s not uncommon for such “entry-level” condos to set neighborhood records. In Sheepshead Bay, Brooklyn, Rybak Development expects to nudge up the neighborhood average with the VUE, a 58-unit condo at 1809 Emmons Avenue where prices range from $535,000 for a one-bedroom to $1.7 million for a penthouse.