New York City Running Low on Penthouses

Geo Beats
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Anyone looking to buy a penthouse in New York City needs to run, not walk, to their realtor as the city is quickly running out of luxury properties.

Anyone looking to buy a penthouse in New York City needs to run, not walk, to their realtor as the city is quickly running out of luxury properties.

A dramatic decline in second quarter sales has been explained as being the result of a lack of inventory rather than interested buyers.

What little stock is left is often either under construction or deemed to be overpriced compared to similar neighborhood properties. Things being the way they are, sellers want the most they can get and are not particularly motivated to sell otherwise.

Among the properties listed in the city that are considered to be priced on the high side is the 125 million dollar penthouse atop the Pierre Hotel.

The three-story, 12 thousand square foot home has five bedrooms, six full baths, four terraces, and 360-degree views of the city and Central Park.

No doubt stunning, but at the same time, millionaires and billionaires, like most regular folk, don’t like to overpay. Many are passing on inflated price homes and waiting for offerings that are better values.

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