The Market for Luxury Level Real Estate Is Hot

March 27, 2012 / Russell Legato, Residential Property Analyst

Manhattan mansions are selling at prices above listing. Competition is evident in the high-price category of housing. According to real estate brokers, offers made for the most expensive homes are being topped by competing bidders. One individual will make an offer at or slightly above the listing price. Shortly after, another offer will come in for a higher price by someone hoping to make the transaction.

The Market for Luxury Level Real Estate Is Hot

This surge in that particular segment of the market has compelled realtors to request sealed bids to make the most of the situation. One particular property on Fifth Avenue is the coveted location of a number of hopeful buyers. This one property is not the only mansion being evaluated for renovation by a member of the millionaire community.

Current condition of the property is described as run-down but showing indications of its former glory. Ornamentation includes such things as carved mantels on the fireplaces, elaborate moldings and a striking staircase bannister. A statement made by the realtor handling the property claims the mansion may go for over forty million dollars.

One major factor that must be existent before bidding goes through the roof is that one of these mansions must have a spectacular view. In January and February of 2012 there were 27 properties in this category placed on the market. Those same two months in 2011 saw only 12.

There are no expectations of the potential buyer living in the property as is. A major restoration will definitely take place. This will become a showcase with incredible updates in the kitchens and bathrooms. At some time in the future it will be a breathtaking example of real estate to see on Fifth Avenue in Manhattan.

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