Fortin and Co. are the latest in a string of luxury home builders to get into the game with high-end construction.
The company has signed up over 500 homeowners to buy their homes at its new $1,500,000, three-bedroom, six-bath house in Manhattan’s Greenwich Village neighborhood.
It’s the latest example of how luxury home buyers are increasingly finding their way into the marketplace, as the cost of real estate has been plummeting.
This is a time when demand is so high, with prices for luxury home properties on the rise.
The median price for a single-family home in the United States is $1 million, according to real estate website Zillow.
The average price for one-bedroom units in Manhattan has increased almost 30 percent in the last five years, while one- and two-bedroom apartment prices have increased just 10 percent, according the real estate site Trulia.
This trend is driven by the cost for new construction, and by rising prices for homes.
In fact, the median price of a single family home in Manhattan jumped nearly $2,000 to $1M in 2017, according a study by real estate firm Redfin.
The trend is not limited to the U: In 2017, the average price of one-bedrooms in Manhattan increased almost 40 percent, from $1 to $2 million, while the median value of a two-bedroom unit went up about 15 percent to $3.6 million.
The biggest gainers have been condos and townhouses.
The market is driven largely by rising incomes, with the median income for a Manhattan household now at $84,700.
While condos are still relatively cheap, the number of them sold has been falling over the past decade, as new construction has increased.
The condo market has been especially strong, with sales rising by a staggering 2,200 percent in 2017.
The only problem?
Most of these sales were done by investors and hedge funds, not real estate developers.
In 2017 alone, the U sold nearly 11 million condos and 2.4 million townhouses, according real estate data site Trusted Home.
The growth of the condo market means that home prices are getting bigger by the day.
The typical price of an average condo rose more than $1MM to $9.5M in 2016, according Trulia, while a two bedroom townhouse increased more than 7 percent to nearly $4.7M.
These numbers have gotten even better for older homes, with new sales of older homes up 23 percent last year.
But it’s not just condos that are seeing price increases.
Other luxury homes are getting in on the action, too.
One-bedroom townhouses in the neighborhood of the Grand Hyatt Hotel are now selling for $1m or more, according Redfin, a luxury listing website.
The Grand Hyat Hotel, a boutique hotel and spa that is located on a former dairy farm, has been the site of some of the most expensive luxury home sales in New York City in recent years.
The $1million Grand Hyats price tag includes a $1-million pool, a $200,000 kitchen, and a private terrace, among other amenities.
It has sold a total of nearly 1,500 homes since 2014, and sold a record 4,500 last year alone.
Redfin said that a similar trend is taking place in luxury apartment buildings, with condos going for $7.5m in 2017 alone.
The rise in luxury home prices is being driven in large part by the housing crisis, which has been hitting the wealthy harder than the rest of the country.
According to a report released by the U of A’s School of Population and Housing Policy in January, housing costs are rising faster than incomes.
It said that rents are rising by 7 percent in New England in the past year, which is well above the national average of 6.9 percent.
While the overall cost of living is lower in many areas of the U., there are more people who are living in poverty.
And because of the recession, the cost is rising more rapidly for lower-income households.
In New York, the housing market is also at an all-time high.
Prices have doubled in the boroughs of Queens and Manhattan since 2010, and the median rent for a two room apartment in the city rose by 15 percent between 2015 and 2017.
Meanwhile, rents for a one bedroom apartment in Manhattan reached $1125 a month in 2016.
The rising prices in luxury homes aren’t just hurting lower-class households.
According the Trulia report, one-room apartments in Manhattan have a median rent of $2.2 million in 2018, up almost 50 percent from 2015.
In Queens, the rent is at $1200, up more than 30 percent from 2016.
For single-parent households in New Jersey, the rental