You really know you've made it if you can afford to purchase a penthouse. Usually reserved for celebrities, business tycoons and the super rich, taking the elevator up to the very top floor is a mark of financial success. The privacy of having the entire floor to yourself, a slew of luxury amenities and, of course, jaw-dropping views of the city comes along with a pretty hefty price tag. Did you ever wonder, exactly how much does a penthouse cost?
The Penthouse Market
The cost of a penthouse apartment will vary depending on the city and current market conditions but according to Realtor.com, penthouse apartments cost an average of 5- to-15 percent more than other units in the same building. In hot markets like New York City, those prices can really soar. The median cost of a luxury apartment in Manhattan is now $5 million, a recent increase of 25 percent according to the New York Business Journal.
The most expensive neighborhoods for real estate in New York City include the One57 building and 432 Park which make up half of the cities most expensive home sales. Midtown, Central Park West and Fifth Avenue also top the list according to figures from City Realty. A record was set by the CEO of Dell technologies when he paid $100.47 million for his penthouse on Billionaires Row, making it the most expensive home ever purchased in the city. The six- bedroom, six-bathroom property is south of Central Park and boasts almost 11,000 square feet of space. That's nothing compared to the price paid for a penthouse apartment inside the One Hyde Park building in London, however. Developer Candy and Candy valued the 16,000 square foot duplex penthouse at a staggering $295 million according to Business Insider.
A Bargain Penthouse
Although most penthouses are out of the reach of the vast majority of home buyers, there are some more-reasonably priced top-floor apartments around the world. The Telegraph found 10 penthouse properties all under $700,000, including a three-bedroom, ocean-view apartment in Cornwall, UK for under $500,000 and a two-bedroom property with views over the Thames in South East London for just over $530,000.
What Do You Get For Your Money?
If you are paying a premium you should expect to receive a superior product. Penthouses do cost more than regular apartments and therefore they come with a variety of upgrades. You can expect to have more space, more privacy, less noise from neighbors, higher ceilings, private entrances and unobstructed views of the city below.
For those in the public eye or who need a tight security detail, the extras provided by some penthouses can literally save a life. High-end features like bulletproof glass and complex security systems including special-forces-trained bodyguards can help to keep the ultra-rich safe from would-be assassins or kidnappers.
You'll usually pay a premium for a penthouse apartment but it may just be worth the extra money.
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