13:52:04 | 2012-04-05
(New York) — As the expanding New York housing market begins to make way for even more new developments, buyers and brokers alike are beginning to notice a trend in the new housing structures in the city. Housing developments are no longer being targeted toward families looking to settle down in a New York home, but instead towards wealthy travelers looking for a second home, or more of a quick place to stay instead of a hotel room, during their travels.
New Yorkers have begun to notice that new configurations of housing structures no longer use the top floors for building amenities, but instead to expand penthouses. These are penthouses that are not geared towards families looking to put down roots, but for the ultra-wealthy looking for high end investment properties and places to stay while on business.
This recent trend has shown to be a very two sided debate. The recent occupation of foreign wealthy buyers have helped improve the economy and the New York real estate market. These high-end luxury properties are part of the New York market, and many brokers agree they would have been a hard sell if a foreign buyer had not come in to make an offer. Although these individuals tend to rarely stay in one place and simply use their property as a pit stop during their travels, the properties are still being purchased, and their sales are helping the market.
However, many New Yorkers are looking at this issue from a different perspective. New developments are simply being created for the global citizen not for the average New York family. As New York continues to be a huge magnet for global travelers from areas like China, Latin America, Russia and Brazil, there are simply more housing structures created to fit their needs. According to many, this trend has transformed areas of Manhattan into “ghost towns” with the numerous housing options that are now occupied by those who spend but a few days a year in their New York homes.
Developers are seeing the need for the properties aimed at international travelers and creating condominiums particularly with this type of buyer in mind. There seems to be no reason for developers not to cater to the needs of area buyers. However, there are still many who worry that this trend will eventually make it even more difficult for families looking to settle in New York, to make their real estate goals a reality.
—Email rlorenzen@brokerpulse.com
