It may sound ironic in the ears of those who hear it but it seems that there are high-end properties that are located in cheap places. Developers are finding new strategies as they develop new high-end homes. According to a past report by nydailynews.com, "It's not just Park Ave. and 'Billionaires' Row. Now even the least attractive corners of Manhattan are being set aside for the super-rich."
The New York high-end developers are in search of cheap places to construct $20 million to $100 million homes. No longer holding out for topnotch sites on Central Park or in celeb-studded Tribeca, they'll take other areas, like those sandwiched between greasy dive bars and low-income housing on the Lower East Side, as stated in an earlier report by the nydailynews.com.
It seems that the building of high-end homes is due to the rising of sales. According to a recent report by crainsnewyork.com, "Manhattan saw $11.3 billion worth of luxury home sales change hands in 2014 and more than half of all Manhattan luxury apartments' sales occurred downtown."
The need is in the horizon but the home developers are changing their tactics as well. The developers are considering places and among considered is far-flung First Avenue, where it takes a 20-minute walk to catch an express train. Other areas are opposite public schools in Hell's Kitchen. And even just south of Canal Street on Broadway, where the retail is more "Roll and Go Pizza" than Roberto Cavalli, as stated in a report by the nydailynews.com.
Although these regions have have been skyrocketing in price for years, it was never considered to be the prime location of ultra-luxury housing until today. What kindled this major move by the developers? It is mainly due to the changing real estate environment. According to a past report by the nydailynews.com, "The trend comes as land prices bubble up well beyond previous records and available sites are few and far between, which is why buying in traditionally less-appealing areas and going after international wheeler-dealers willing to pay 'Billionaires' Row' prices can be the only way to make a significant profit."
