New York vs. Miami: Exploring the City’s Most Expensive Condos
Many listings in NYC feature scenic views of Manhattan and promise spacious indoor and outdoor areas. Aside from the usual amenities (swimming pool, sports facilities, etc.), there are properties that include yacht docks, chef services, wine cellars, and steam rooms. To give an idea of how extravagant amenities can get, The Atelier is one such luxury building that features an indoor skating rink, which is free to use for the tenants.
In a nutshell, the most expensive listings range from a $50 million to $85 million. These properties are usually bought by celebrities and billionaires, but it doesn’t mean that the regular condo listings in NYC are cheap either.
Let’s take a look at this Penthouse at Plaza Street West The place boasts five-borough views from sunrise over Prospect Park to sunset past the New York Harbor. With wraparound terraces having multiple exits, residents can live peacefully high atop Brooklyn. Inside, there are 2 bedrooms and 2 bathrooms. For those promising views, the property is valued at $3,498,000.
Then of course, there are the much larger penthouses like the triplex at 62 Cooper Square. At around 16,000 square feet of indoor space plus 2,400 square feet of terraces, this triplex penthouse is the Carl Fisher building’s main attraction. The property houses 8 bedrooms, 8 full bathrooms, 3 half bathrooms, 2 private terraces, a billiard room, library, and personal yoga studio. It is priced at $29,000,000.
Monumental rates in The Magic City
Moving to the south, Miami also has its fair share of luxury properties. The city is best known for its high-end resorts and luxury shopping districts after all. In fact, Miami was dubbed as the country’s fourth most valuable housing market in recent years, with a total value estimated to be $864.2 billion. Still, it does trail behind New York, which is valued at $2.6 trillion.
Miami Beach is still the most in demand area for a condo or apartment, because of its close proximity to many tourist attractions. The city’s most expensive condo can actually be found here: a triplex penthouse priced at $65 million. The Apogee Penthouse, which is located on 800 South Pointe Drive, spans 5 bedrooms, 8 bathrooms, and 13,149 square feet of terraces. Many of the unit’s clientele hail from foreign countries instead of local celebrities and business leaders.
Even so, Coral Gables is the top choice for a neighborhood to live in, with its mix of large estates and upscale condos. The average sales price of properties here is $722,900, but the rates can reach up to $1,481,000. Compared to New York prices though, clients can buy more space with relatively the same price. Take a penthouse located on the Deering Bay Drive, for instance. For $3,995,000, you can get a property with 5 bedrooms, 5 bathrooms, and an open balcony.
When comparing the two, Miami seems to be the more affordable city. This may be because the market is adjusting to the oversupply of properties available. Of course, both cities have their strengths, so if luxury condominiums are the subject, it’s best to do further research on both cities in terms of factors like cost of living, taxes, etc. In the end, it boils down to the buyer’s living preferences and budget.
