“Sales of luxury homes fell 17.8% year on year during the three months ending April 30, the largest drop since the pandemic’s onset sent shockwaves through the housing market,” Forbes reported on June 10th.
The long-running property party appeared to have reached the end of its timeline. It is depressing for high-end home investors. Experts have revealed some of the basic causes of this declining context: an exploding mortgage rate, economic uncertainty, increasing housing bills, etc. But, just as every coin has two sides, the luxury condo market is on the rise.
To capture the benefits, strategic thinking is crucial from the buyer’s end. It is time to avoid those individual high-end houses and look toward luxury offerings in condominiums.
Why? The following are some reasons:
- Affluence spaces in condos offer the experience of living in a 6-star hotel.
- More space, greater convenience, efficient maintenance facilities, enhanced security and captivating landscaping.
- Considering the situational context, the required investment is comparatively lower.
Still not sure and thinking about ROI? We would like to show you some ideal locations where the luxury condo market is on the rise; sales and prices are soaring.
Miami
Miami living arrangements in luxurious condominiums are the most popular with global real estate marketers. The luxury condo market is on the rise making thousands of sales per week. Condo properties in One Bal Harbor, Setai South Beach, Lincoln Road, Sunny Isles Beach and Bath Club Miami Beach act like hot, delicious cakes. The rush of national and international buyers is adding fat to investors’ bank accounts.
A four-bedroom apartment in Miami condos with an attached bath and 6,400 square feet of area coverage costs between $33,400,000 and $39,900,000, depending on location. A 6-bedroom, 6-bathroom home with more than 11,000 square feet costs between $35,600,000 and $48,700,000. Here, low-cost options are also available; a 4-bedroom, 3-bathroom, and 6,700-square-foot place can cost nearly $20,500,000. But, low-cost options come with higher service fees, less-good landscaping, and slow sales.
New York
Avoiding NYC is illogical if we are talking about rich living spaces in a high-rise. New York real estate possesses an amazing characteristic: the prices are always skyrocketing. Whatever the country’s economic condition, the market doesn’t even bother. Along with the higher ROI and easy access to places, the properties also offer picture-perfect views, modern and automated amenities, low service fees, and high security.
The high-end condos are scattered throughout the city area. Prices and sales are experiencing a sharp upward slope in locations like Gramercy Park, Central Park, 57th St., Vestry St., and so on. A 7,500-square-foot apartment with four bedrooms and three bathrooms can cost around $65,200,000. Low-cost options can cost from $3.5 to $8 million with a coverage area below 3,500 sq ft.
Boston
Boston can be a handy option for experiencing luxurious living. The price of space in a high-rise is steep. Luxury condos in Boston come with gated parking, mind-blowing views, privet courtyards, a gym, etc.
For instance, in Boardman, a 1,100-sq-ft area with 2 bedrooms and 2 bathrooms can cost approximately $7,500,900. If the coverage area goes above 3,000 square feet along with the bedroom quantity, the price ranges from $4,500,000 to $5,150,000. The same selection of condo properties can also be found in some of Boston’s best neighborhoods, including South Boston, Somerville, Brighton & Allston, and Charlestown.
Chicago
The real estate market in Chicago is on a long-lasting upward trend. As the city population is increasing, luxury condo sales and prices are touching the sky. Surprisingly, luxury condo spaces in this city provide the same benefits and amenities as those in New York City and Miami, but at a much lower cost.
Exclusive high-rise properties are typically view-centric, with prices ranging from mid to high affordability. The median price of a luxury condo (1,252 sq ft) in the city area is $4,000,000. More spacious options with comparatively lower prices can be found in some of the nicest neighborhoods of Chicago, like The Loop, the Gold Coast, Old Town, and Lakeview.
A 5,600-square-foot condo with four bedrooms and four bathrooms, for example, can cost between $4,500,000 and $9,500,000 in Gold Coast real estate. The same living space in Old Town, River North, and The Loop can ask for $7,500,000. In comparison, Andersonville is the most costly neighborhood in Chicago. Luxury living in an Andersonville condominium can charge more than $200,000 for only 1,100 square feet with 2 beds and 1 bath.
An honorable mention can include locations like California, Texas, Florida, and so on. Before making a purchasing decision, it is advised to identify current and future needs to determine the required services and facilities in a luxury condo property.
