Upper West Side tops nation in multimillion dollar home sales
Beverly Hills and New York City’s Upper West Side lead sales over $10 million last year, according to a report from Coldwell Banker. Of the properties purchased in that upper tier through June of 2013, 17 were in Manhattan’s 10023 ZIP code — the Upper West Side — and 18 in Beverly Hills’ famed 90210.
New York’s Upper East Side tied with Aspen, Colorado with 16 transactions each over the $10 million threshold in that period. New York City as a whole led cities in the nation with the most pricey sales.
Luxury home sales have been on the increase recently, as wealthy buyers take advantage of low interest rates and a recovering housing market. Those lower borrowing costs, along with the investment potential of real estate drove affluent homebuyers to take the plunge, according to the report, cited by Bloomberg News.
Then, of course, there are the international buyers from Asia and Europe who shop the U.S. for second homes. Such buyers are driving luxury sales in this country, Bloomberg said.
The report was compiled using completed sales data from StreetEasy and Multiple Listing Services from July 1, 2012 through June 30, 2013. [Bloomberg News] — Julie Strickland