Tuesday, 28 June 2016

The Baccarat's Extravagant Penthouse Sold For $17M Less Than Its Original Ask

The five-bedroom, duplex penthouse spans 7,400 square feet

Just a few weeks after news emerged that the massive penthouse of the Baccarat Hotel & Residences had sold, the price of that sale has now been revealed. An unnamed buyer scooped up the five-bedroom, crystal-studded apartment for $42.55 million, the Observer reports — that’s just over $10 million less than its most recent ask of $54 million, and close to $20 million less than its original ask of $60 million back in February 2013.

Some of the factors that probably contributed to this sale include the 360 degree views of the city the duplex apartment provides, a 1,150-square foot master bedroom with an adjoining bathroom that has a marble bath, and a 600-square foot loggia. And it certainly doesn’t hurt to live atop the Baccarat Hotel what with amenities like a marble-clad swimming pool with cabanas, and access to the Baccarat Bar and Shea Gallante’s Le Chevalier restaurant.

The sale took its own sweet time however — just over three years, and it points to a new trend in the luxury market — that apartments are sitting on the market for an average of nine months, according to The Real Deal. And it’s gotten worse compared to last year as well.

Apartments priced at over $4 million sat on the market for 277 days on average for the first six months of the year, which is up from 232 days during the same time last year. They even had a higher discount rate — seven percent compared to four percent last year.


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