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Lavish Apartments Turned Recession Bargains: The Prices on These Apartments Have Been Slashed, Making a Great Deal for Home Buyers

By SCOTT MAYEROWITZ and DEAN PRAETORIUS

Champagne wishes and caviar dreams are a bit closer for many Americans today -- at least when it comes to real estate.That luxury $15 million apartment that you once might have dreamed of is now on sale for $12 million. Okay, so it's still not within the reach of most working families today but for those who have a few million sitting around, there are some fantastic deals to be found.

Take New York. The median price for a Manhattan apartment fell 19 percent over the last year, to $795,000, its lowest level since the second quarter of 2007, according to a recent report by Halstead Property.

Luxury homes there suffered the most, with an 82 percent decline in closings for more than $10 million at cooperative apartment buildings.

Florida -- one of the first states to see its housing market collapse -- is also offering some great deals. What was once hot and trendy in Miami and Palm Beach is now priced to sell.

ABC News asked local real estate agents in the two areas for a sampling of some of the best luxury bargains on the market today. Here they are:

68 Bradhurst Ave., New York: This three-bedroom penthouse duplex will wow you with its soaring 18-foot ceilings and sun-flooded living room. For an even better view, why not step out onto your own 300-square-foot terrace and gaze out at the surrounding Harlem neighborhood. The original asking price here was $955,000 and is now $859,000. The building includes a 24-hour attended lobby and a gym, and to help make ownership more affordable, there is city tax abatement aimed at redeveloping the area.

16 Jay St., New York: This triplex penthouse in trendy Tribeca might seem expensive at $5.995 million but consider this: Back in April of 2008 the asking price was $8.25 million. Guests enter into the living and dining room with exposed wood-beamed ceilings, original timber columns, a wood- burning fireplace and open views of the surrounding historic district from a wall of oversized windows. There are six-bedrooms, four and a half bathrooms and, upstairs, two private landscaped terraces. And if that isn't enough, outside is a charming cobblestoned street. The sale price might be a relative bargain, but remember taxes and common charges will cost you another $4,000 a month.

2 Fifth Ave., New York: This four-bedroom, four-bathroom loft at the southern end of Fifth Avenue was once three separate apartments but is now one massive complex featuring two distinct living areas, a children's wing with den and private guest suite with en-suite waterworks bath. It was first listed back in February for $4.95 million but has now dropped to $4.495 million. If the purchase price is too steep, the owners are looking to rent it out … for $20,000 a month.

152 Wooster St., New York: This large home is seen as a bargain not so much for its $3.39 million asking price but because it is $1,019.55 per square foot. Yes folks, in Manhattan that is apparently a deal. In trendy Soho, this 3,325-square-foot corner loft has 16 large windows, cast-iron columns, 11-foot ceilings and four bathrooms. It was built in 1909 and is being marketed for the flexibility of the floor plan.

Post Date: 8/6/2009

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