(New York City) — In the New York luxury real estate market, no neighborhood has reigned in the way that Uptown has. The properties that make up this market are truly some of the most exquisite in the area and have been for quite some time. When buyers in New York are looking for condos and townhouses in the $5 million dollar and higher mark, this is the area of town that they turn to.
While Uptown continues to hold its reputation for excellence, it is slowly starting to see competition from the Downtown luxury real estate market. In fact, there are many properties in Downtown that are starting to even exceed the luxurious condos and co-ops that makeup the Uptown market. Recent reports have even noted several Downtown properties have entered the list of the top 10 most expensive sales in New York, a list that normally seemed reserved for Uptown homes only. Developers are taking note of these trends and creating more high-end properties in the area than ever before.
However, developers aren’t the only one noticing the shift in the market, buyers are taking note of the new opportunities in the area as well. Luxury real estate gurus are no longer heading straight to Uptown to find their new dream homes, but are making a stop in Downtown as well to view the numerous area properties available in the high million price points.
Luxury real estate gems in the area include a $25 million Prince St. loft once owned by Rupert Murdoch, a $20 million East 10th Street Downtown townhouse, as well as a triplex penthouse condo on Broome Street once occupied by the late Heath Ledger that comes with a listing price of $17.8 million. While these are a few of the higher valued properties that have begun to take Uptown homes out of the top 10 list, there are still many more that are offered in the $5 million and higher mark and that are helping to show buyers that Downtown and luxury can go hand in hand.
As the current market grows nationwide, the luxury listings in Downtown are expected to grow as well. The Downtown luxury market is only getting stronger and brokers are finding that it is the wealthy younger generations and foreigners looking to be in the heart of New York that are helping this area prosper in the way that it is.
With so many luxury properties already striving to surpass the luxury notoriously found in Uptown, it is inevitable to expect somewhat of a shift in the New York luxury real estate market. While there is no questioning that Uptown will long hold a reputation for excellence, with the continued strengthening of Downtown, this market may soon be the new hot spot for New York luxury properties.
