With the stock market on the upswing and an increased interest in the city, Manhattan’s real estate continues to make history with record-high sales. These combined factors make luxury condominium purchases a smarter investment than ever before. And as the annualized growth rate continues to perform strongly, top-tier condos at 15 Central Park West and One57 happily battle for housing the most expensive condos in the city.
But as millennials begin to infiltrate the city, it is unclear what effect this will have on the market compared to babyboom buyers. As the buying market levels out after a recent purchasing recession, professionals will need to start considering the needs of the next generation of buyers in Manhattan.
Though the needs of the buyer will likely change over time, wealthy professionals looking to invest in NYC real estate can rest assured that with a compound annual growth rate currently higher than that of oil, buying a condominium will remain a smart investment choice for years to come.