Discovering Value in Luxury Real Estate
There is no question that prime Manhattan properties come at a price, and luxury buyers are often afraid that they have no choice but to overpay. That, however, does not need to be the case. Working closely with buyers for more than two-and-a-half decades, I have identified four unexpected places where real value exists, and incredible opportunities abound.
Last on is not always the best
Rather than focus only on the newest listings to hit the market, I always encourage buyers to consider properties that have been available for several months. More often than not and with the benefit of hindsight, the seller has become more realistic in their expectations and repriced the premium property below the level of offers that they previously rejected.
The most important features are not always the shiniest
Not to besmirch new development, but I often find that buyers are unduly captivated by brand new, shiny buildings. They get caught up in the competition for the glistening unit and overpay as a result of bidding wars. All the while, they have overlooked the building’s less than premium location. “Location, location, location!” will always reign as the quintessential summation of luxury real estate and convey the greatest enduring value. Remember, you can always update the finishes and create the kitchen of your dreams, but the building’s location is forever.
Do not be afraid of co-ops
Representing roughly 75% of New York City’s housing inventory, a co-op building is run by a board of directors that governs over bylaws intended to protect the building’s value. In order to compete with their condominium and new development counterparts, many co-op boards have adjusted their policies in favor of greater flexibility, specifically allowing buying in trusts, year-round renovations, and pied-a-terre use.
50 Central Park West is a white glove service cooperative originally built in 1907 and restored with a gorgeous new lobby, elevators, and hallways. Apartment 8A/9A is an exquisitely renovated, 5,000 square foot home that is a stunning combination of dramatic architecture and classic contemporary details set against the backdrop of direct views of Central Park.
Seek the unexpected
A townhouse can be a great fit for luxury buyers. Offering the highest level of privacy and autonomy, townhouses boast unrivaled potential for the use and enjoyment of the sprawling space. From smart-home technology and elevators to in-home gyms, theatres, and even pools, there is unlimited opportunity to include all of the bells and whistles of new construction with monthly carrying costs lower than you would find in a condo.
45 West 70th Street is a mint condition 20-foot-wide home that was built in 1891 by architect Gilbert Schellenger and is perfectly located on one of the nicest Central Park blocks and on the Gold Coast of the Upper West Side. The four-plus bedroom house has been fully renovated to the highest standards with an elevator, new kitchen and 4 full and 2 half fully renovated bathrooms. The garden is absolutely divine with fabulous light and spaces to entertain, dine and play; and the basement boasts a 33-foot large swimming pool, jacuzzi, and a spa and gym area.
About Lisa
Lisa K. Lippman is the #1 agent at Brown Harris Stevens, an honor that she has held for the past seven consecutive years. For more information about Lisa and the properties she represents, please visit https://www.bhsusa.com/real-estate-agent/lisa-lippman
