Luxury Continues Doing Well
Luxury apartments seem to be surviving the recent downturn in the market. Across the U.S., millionaires and billionaires appear to be snapping up those luxury apartments with $2, $5, and even $10M+ price tags. Let’s not forget those $5M+ sprawling estates. They do not appear to be languishing on the market either as sales continue to move along briskly.
While the mainstream housing market looks like it may be heading for double-digit losses in several areas of the country, upscale luxury properties may show more resilence. Dare we say — even post healthy gains?
Developer William Zeckendorf believes the superluxury market will remain strong mainly because “there are very few great homes in this country, and an awful lot of people who’ve come into extraordinary wealth.”