![]() ![]() In 10 years, once construction subsides nearby, Hudson Yards apartments will be the place to be for a desirable location. Hudson Yards, an entirely new section of the city built over train tracks, is another option. The same thing happened in West Chelsea along the high line, as it is now one of the most expensive/desirable neighborhoods in New York NY. Given it’s only minutes from West Village, SoHo and Tribeca, the area is very desirable and a no brainer if looking for an investment property. In this case, one might want to choose a neighborhood that is in the process of gentrification, usually because of a rezoning or addition of a new subway line.Ĭurrently, West Soho has gone under a recent rezoning from industrial to residential and the neighborhood is rapidly changing, especially now that Google and Disney will have campuses there. Which neighborhoods would you recommend given the price point and the fact that we are not going to use the apartment for at least 10 years? The seller will use this statement to evaluate the financial strength of the buyer.ģ8. Often, the seller will request the buyer to fill out a REBNY financial statement which is essentially a personal financial statement, including schedule of assets and liabilities, as well as income and expenses. This strengthens the buyer's offer and shows that they are real (as there are a lot of fakes out there either playing or testing the market). In addition, we will include the contact information of the buyer’s attorney and mortgage pre-approval letter. The offer will include not only the first offer price, but also the terms of the deal, including whether the offer is contingent upon a mortgage, the LTV ratio (if obtaining a mortgage), expected closing date and any other contingencies. All of the terms should be included in the first offer, otherwise there can be problems and misunderstandings that may send the deal into disarray. The buyer’s broker will make the offer in writing usually via email (with or without an accompanying phone call). balcony that overlooks an ugly building, you may want to allocate nothing!Ģ2. direct Central Park view, you may want to allocate 100% of the outdoor space. ![]() If the terrace is off the living room and has 1,000 sq. They don’t account for the value of the outdoor space, but you should. Note that Streeteasy and all the portals will show the price per square foot of interior only, so for this example $2,000 psf. Divide $4,000,000 by 2,120 to calculate the adjusted price per square foot of $1,887. Add this to the 2,000 interior square footage to get an adjusted square footage of 2,120. outdoor space to interior (30% x 400 = 120 sq. terrace to an apartment without a terrace, we need to do some math first.Īllocate 30% of the 400 sq. interior square footage and a desirable 400 sq. You then compare this adjusted price per square foot to other comparable properties without terraces.įor instance, in order to compare the price per square foot of a $4,000,000 property has 2,000 sq. Then divide the price by the sum of the interior and allocated square footage. To compare the price per square foot of the property with outdoor space to a property that does not have outdoor space, we adjust the square footage by allocating 30% (or another number) of the outdoor space square footage and add it to the interior square footage. There is no set standard for pricing outdoor space, as there are many variables at play. How much does a terrace or a balcony add to the price of an NYC apartment? The entry level price for a luxury property is $3.9 million, the average price of a luxury property is $7.6 million and the median sales price is $5.7 million.ġ0. The luxury segment, which comprises the top 10% of transactions run over $2,600 per square foot. The average sales price is $3.9 million and the median sales price is $2.8 million. New development condo prices are $2,541 per square foot. The average price of a coop was $1.37 million and the median price was $811K, with the average price per square foot at $1,206. ![]() The average price of a condo was $2.6 million and the median price was $1.6 million, with the average price per square foot at $1,923. Coops are less expensive than condos for a number of reasons. How much does an apartment cost in New York?Īccording to appraiser Jonathan Miller and his Douglas Elliman market report, the average apartment in Manhattan in Q1 2020 was $1.89 million and the median sales price was $1.06 million. ![]()
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