The luxury Hotel Condos NYC is suddenly being drawn to is highly due to the fact that the demand for high-rise luxury living is far outweighing the inventory available. New development, particularly in the luxury hotel condos NYC has to offer is providing much needed inventory for luxury living.
Supply and Demand
With the availability of luxury condo options dwindling the demand for new builds is growing. However with limited land the options for building are becoming less and less available. A trend towards recreating existing buildings into viable, outstanding living quarters was empowered by the lack of real estate to build new condos. However, as new buildings popping up on the ever changing skyline of NYC become rarer the units sell faster than builders can construct them. These ever churning laws of supply and demand are driving up prices and making the buyers’ market highly competitive.
Luxury Hotel Condos NYC
The brilliance to provide options combining temporary living options and permanent condos within one building combines the best of both worlds and takes full advantage of every square inch of property available in the heart of Manhattan. The most desirable addresses become less and less available pushing luxury living further and further into neighborhoods that are not so willing to open their arms and welcome in the glitterati. When buildings pop up and offer the combined services and amenities of a high end hotel with the comforts of home, they become the focus of high demand living options.
Driving Prices Ever Higher
With the average price of a luxury condo reaching $1,700 per square foot, now is the time to invest in a luxury property before the lack of supply drives the prices ever higher. Within the next five years prices are certain to reach above the $2,000 per square foot mark, making today’s prices pale in comparison. Although it is a sellers’ market with projected prices over the next five years, the current prices become far more appealing.
The combination of a dwindling inventory in hand with the rising prices threatens to make NYC an impossible place to live for many people. As space becomes engulfed by the demand for luxury homes, affordable housing in NYC will also begin to dwindle.
The Baccarat Hotel & Residences offer the high demand luxury hotel condos NYC can take advantage of in today’s real estate market. Visit baccaratresidencesny.com today.