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May 12
2015
Wealthy New Yorkers say goodbye to suburbs, hello to city

Wealthy New Yorkers are no longer fleeing Manhattan for the sprawling estates of Westchester — in fact, the bucolic burbs have become a tough sell, with buyers instead plunking down their millions on mansions in the sky.

Only 11 $10 million-plus estates in Westchester have sold in the past seven years, records show.

Meanwhile, the number of New York City homes that sold for more than $10 million was 1,355 for that same period.

“The stats are pretty amazing,” said real estate appraiser Jonathan Miller, who compiled the statistics for The Post.

In the first quarter of 2015, no homes in Westchester actually sold for $10 million or more.

Compare that to 36 homes that sold for $10 million-plus in New York City for the same time frame.

The most that one of those homes sold for was a whopping $77.5 million. It was a stunning duplex at 834 Fifth Ave. on the 11th and 12th floors.

Last year, only three homes sold for more than $10 million in Westchester, compared to 225 in the city. The most a home sold for in the city that year topped $100 million.

“The rich now want to be isolated with each other in New York City,” said a 1 percenter who moved to a $10 million-plus home in Manhattan and has found no buyers for his pricey waterfront mansion in Westchester.

Architect Robert A.M. Stern, who designed 15 Central Park West, told The Post that the city’s new luxury condos are selling so well because they include “country club-like amenities” from private restaurants to health clubs with pools and basketball courts, movie-screening rooms and spas with yoga and massage rooms.

The trend toward buying posh city property as opposed to the suburbs has been developing for a while.

In 2011, 2012 and 2013, only two $10 million-plus homes sold in Westchester for each of those years, compared to 143, 180 and 200 in New York City, respectively.

In 2013, one of the poshest homes sold in the city went for $43 million at 55 Central Park West.

In 2012, another sold for $88 million at 15 Central Park West.

After the economic crisis hit, in 2009 and 2010, there were no home sales in Westchester for that much money.

But the numbers held steady in the city for the same period. There were 127 and 146 sales, respectively, of $10 million-plus home sales in the city.

 

Source: http://nypost.com/2015/05/11/wealthy-new-yorkers-say-goodbye-to-suburbs-hello-to-city/

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