Nobody's Home

Due to both the perceived value of New York's real estate market and the global demand it commands, many of the city's most expensive properties are the second (or third or fourth) residences of wealthy out-of-towners, some of whom rarely use them. The Wall Street Journal reports that, "Wealthy jet-setters have long maintained cozy Manhattan pieds-à-terre, but the city's choicest properties are increasingly being scooped up by out-of-towners. More than 10% of Manhattan apartment sales are second-home purchases, up from about 5% eight years ago, estimates Jonathan Miller of Miller Samuel, one of Manhattan's largest real-estate appraisal firms....The lavish part-time spreads underscore a shift among the wealthy, who increasingly split their time among three or four homes. The investment potential of the city's blue-chip real estate also appeals to rich people looking to diversify their portfolios. Developers are targeting these absentee owners by packing buildings with amenities such as housekeeping, limousine services and even dog walkers, making it simple to ease in and out of town. Maids at Ian Schrager's 50 Gramercy Park North even will stock the fridge with groceries before the owners arrive. But the occasional occupants are troubling to some full-time residents, who say their buildings are left depressingly hollow. And the popularity of the costly apartments helps boost Manhattan prices for everyone, draining away developers' interest in erecting middle-class buildings on the city's few available parcels and making one of the world's most expensive real-estate markets even more forbidding to average buyers."

  

There are no comments for this entry.

Post a Comment

Name:* E-mail Address: URL:

Comment*

Please type the word below*

Please leave the following field blank:

*Required fields (your email address will not be published)