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dave_donhoff

High Times Roll On For High-End Condo Market

dave_donhoff
15 years ago

High Times Roll On For High-End Condo Market

Who'd a thunk it already, so soon!

http://www.cnbc.com/id/26197245

<_snip_>
If youÂre looking for a high-end, luxury condominium, thereÂs more choice out there but you wonÂt find any bargains in Boston -- or New York, Los Angeles, San Francisco, or even Miami. ThatÂs right, Miami.

And don't make too much of the credit crunch or the housing slump. It won't help you much in the high-end condo hunt.

"Our high end is surging," says Boston realtor and marketing executive Kevin Ahearn, president of Otis & Ahearn, which controls 14.5 percent of the downtown market. "Pricing and fundamentals are as strong as theyÂve ever been."

As of mid year, transactions are Otis & Ahearn were running 7 percent over 2007, a record year when it netted $450 million in sales.

<_>

Really does show that r/e is 'local'...

<_snip_>
Boston may be exceptionally strong right now, but other top metro areas, such as Honolulu and Chicago, have seen increases over the past year, according to NAR data. Others Â- notably Las Vegas and Miami have suffered sharp declines.

The New York metro area is flat overall, but in the fashionable Manhattan, high-end properties are appreciating, according to realtors there.

"It will be one of our best years," says Pamela Liebman, CEO of Corcoran Group.

The media price for a luxury condo Â- new or existing -- is up 19 percent to $4.37 million. On the exclusive Upper East Side, a three-bedroom unit was fetching $3.65 million as of the second quarter, versus $2.17 million in 2007, according to the Corcoran Report. The very high end -- $10 million and above -- is at or near a record high.

"Buyers are certainly being more cautious and thereÂs more inventory to choose from," says Liebman, who adds there are still "plenty of cash only buyers."

ThatÂs clearly a quality of the high end-market. Tighter lending rules are not a major factor, nor are contingency deals.

In Philadelphia, the number of transactions is down about 30-percent, but prices in top neighborhoods such as Society Hill are flat or higher, says veteran high-end realtor Allan Domb.

"For a small segment of the market there is opportunity out there," says Domb.

<_>

More at the link....

Dave Donhoff

Leverage Planner

Here is a link that might be useful: High Times Roll On For High-End Condo Market

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