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Billionaire Carlos Slim Helu recently purchased a New York City mansion for $44 million, reports Forbes.com. This record-breaking purchase tops any other made in New York City in the past two years.
While this news is optimistic, it may be only a cautious indicator of the rising price of luxury real estate in New York.
Typically, wealthy individuals and corporations purchase luxury real estate using high-profile real estate services such as Stribling and Sotheby’s International Realty. Luxury real estate tends to fluctuate with availability of properties and funds. As people of all income levels now anticipate a real estate recovery, Helu’s purchase may indicate an increase in such purchases in the near future—once a recovery is made, the properties will only escalate in value.
In New York, luxury real estate also includes penthouse suites and condominiums. These types of habitation often feature the most prestigious and magnificent views of Manhattan. As with luxury real estate around the world, many of these dwellings also contain a serious amount of history, some of it even integral to the very development of the city itself.
Additionally, luxury real estate transactions differ from average transactions. This is why many agencies handle luxury properties only. High-end transactions may:
- Include multiple rounds of home inspections
- Attract buyers from around the country and the world
- Involve additional legal contracts with stipulations such as anonymity
- Consist of advertisements in trade-specific, luxury real estate magazines and other publications
Most high-end real estate buyers in New York City are aware of the specific agencies involved in selling these properties reputably and with discretion. Clients include Hollywood celebrities, tycoons and millionaires and even former presidents.
While luxury real estate may not be attainable for most of us, it is fun to browse. Find out more over at RealEstate.com.
Photo: NASA, Wikimedia Commons, Public Domain Image.
August 6th, 2010 at 5:31 am
Interesting but I will never have “luxury” real estate. Nice to read how the other half lives.
August 7th, 2010 at 12:50 am
Thank you for reading. I don’t think I would want to live that kind of lifestyle, but some of the perks would be nice! Maybe someday I’ll write a bestselling novel or 10.