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CNN Live Sunday
NYC Luxury Real Estate Market Is on the Rise
Aired July 13, 2003 - 16:38 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
RHONDA SCHAFFLER, CNN ANCHOR: The real estate market in New York is soaring. How high? Would you believe a condo for $45 million? That's right, 45 million. More now from CNN's Michael Okwu.
(BEGIN VIDEOTAPE)
UNIDENTIFIED FEMALE: You could see all the way to New Jersey from here.
MICHAEL OKWU, CNN CORRESPONDENT (voice-over): This is what you call a high-end view. It's the premium in New York real estate. Patricia Burnham is a high-end broker who knows a thing or two about high-end clients.
PATRICIA BURNHAM, LUXURY REAL ESTATE AGENT: Oh, they're celebrities. They're chairmen of the boards.
OKWU: And they're all after a view from the top.
Something much like this is in store for an unidentified British buyer, who reportedly agreed to pay more than $40 million for a penthouse at 1 Central Park, the AOL Time Warner Center currently under construction.
JONATHAN MILLER, REAL ESTATE APPRAISER: It would be the highest individual apartment transaction in the history of New York City real estate.
OKWU: A Park Avenue duplex in this building sold for $30 million in the year 2000. In 2001, a buyer unloaded $35 million for two floors in the Ritz. Since then the high-end market has been sluggish. But some analysts say it's now improving.
UNIDENTIFIED FEMALE: First I brought the buyer here, to preview our movie on 1 Central Park.
OKWU: Jeanie Woodbury works for the Sunshine Group, the company that's been marketing 1 Central Park.
JEANIE WOODBURY, THE SUNSHINE MARKETING GROUP: In the past month we've seen a huge amount of sales coming through at very, very high numbers.
OKWU: Woodbury says the very rich are willing to shell out millions for access to the finest amenities and for an opportunity to create the home of their dreams. The buyer of the penthouse bought 12,000 square feet, raw and unfinished.
MILLER: There's an old saying in the appraisal industry, which is one sale doesn't make a market. However, it is a positive sign.
OKWU: Miller says spring/summer is always the strongest season for the real estate market. Buyers, he said, have more confidence in the economy, and they'll likely try to take advantage of record low interest rates. With interest rates low, buyers can trade up, and that could mean if you're very lucky, a view.
Michael Okwu, CNN, New York.
(END VIDEOTAPE)
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired July 13, 2003 - 16:38 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
RHONDA SCHAFFLER, CNN ANCHOR: The real estate market in New York is soaring. How high? Would you believe a condo for $45 million? That's right, 45 million. More now from CNN's Michael Okwu.
(BEGIN VIDEOTAPE)
UNIDENTIFIED FEMALE: You could see all the way to New Jersey from here.
MICHAEL OKWU, CNN CORRESPONDENT (voice-over): This is what you call a high-end view. It's the premium in New York real estate. Patricia Burnham is a high-end broker who knows a thing or two about high-end clients.
PATRICIA BURNHAM, LUXURY REAL ESTATE AGENT: Oh, they're celebrities. They're chairmen of the boards.
OKWU: And they're all after a view from the top.
Something much like this is in store for an unidentified British buyer, who reportedly agreed to pay more than $40 million for a penthouse at 1 Central Park, the AOL Time Warner Center currently under construction.
JONATHAN MILLER, REAL ESTATE APPRAISER: It would be the highest individual apartment transaction in the history of New York City real estate.
OKWU: A Park Avenue duplex in this building sold for $30 million in the year 2000. In 2001, a buyer unloaded $35 million for two floors in the Ritz. Since then the high-end market has been sluggish. But some analysts say it's now improving.
UNIDENTIFIED FEMALE: First I brought the buyer here, to preview our movie on 1 Central Park.
OKWU: Jeanie Woodbury works for the Sunshine Group, the company that's been marketing 1 Central Park.
JEANIE WOODBURY, THE SUNSHINE MARKETING GROUP: In the past month we've seen a huge amount of sales coming through at very, very high numbers.
OKWU: Woodbury says the very rich are willing to shell out millions for access to the finest amenities and for an opportunity to create the home of their dreams. The buyer of the penthouse bought 12,000 square feet, raw and unfinished.
MILLER: There's an old saying in the appraisal industry, which is one sale doesn't make a market. However, it is a positive sign.
OKWU: Miller says spring/summer is always the strongest season for the real estate market. Buyers, he said, have more confidence in the economy, and they'll likely try to take advantage of record low interest rates. With interest rates low, buyers can trade up, and that could mean if you're very lucky, a view.
Michael Okwu, CNN, New York.
(END VIDEOTAPE)
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
