The 2010s saw a lot of optimism in the ultra-luxury condominium market. As developers used this time to transform many urban skylines, it was a period of great optimism. New York City, Los Angeles, and Miami are just a few examples. These luxury condos still exist.
An ultra-luxury condo was built to attract a wealthy buyer. However, this goal is self-destructive as many people who have millions of dollars for condominiums already own multiple homes. People who truly need affordable housing, or prefer to live in moderate-priced condos, are being pushed out.
In 2018, the cost of a luxury condo in San Francisco was $2,500 per square foot. Manhattan units can be purchased for between $8,000 and $9,000 per square foot. These units can range from 5,000 to 30,000 square feet. A luxury condo at Pompano Beach is available in pre-construction. It can be anywhere from 1,800 to 4,000 square feet. Prices start at $1.5million
Ultra-Luxury Condos are on the rise
The 2008 Recession is the foundation of any story about ultra-luxury condos. Many foreign investors invested in U.S. realty at the time. There were many cheap real estates available even in urban areas, thanks to the housing crash. Miami luxury condo price dropped by 50% or more.
These investors prioritized cash buyers. Many people were unable to obtain financing for housing and condos due to the 2008 recession. The prize buyer was a wealthy individual who could afford cash. This market was targeted by condos that were newly built. The fixtures included new and modern technology. Additional amenities were added, including better views, more windows and wrap-around balconies. This was all done to attract multi-millionaires and billionaires who could afford the condo.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the https://www.tiffanyhousefortlauderdale.com/. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean.