Investing in West Village
Posted by Wei Min Tan on August 22, 2020
Investing in West Village real estate is a great strategy for buyers and investors looking for stable price appreciation in Manhattan, New York. West Village is always a seller’s market, even during the down times. The reason is that West Village feels like a small European town and we forget being in Manhattan while walking amidst tree-lined streets and low buildings.
West Village’s low, 5-6 story, buildings let us see a lot of blue sky. There are many independent, local restaurants so dining and entertainment options are plentiful.
Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker.
West Village real estate prices
West Village real estate prices are expensive. For the same price, you get a lot less. Or for the same quality, expect to pay a lot more. For example, 160 Leroy is a new luxury condo in West Village and it’s selling at $3,500 per sqft. A similar quality new development in Tribeca, 111 Murray, is selling at $2,500 per sqft. In Financial District, you can get a luxury condo for $1,300 per sqft. This is just to put prices of West Village in context.
West Village commands high rents
While real estate prices are high, rental price is also high in West Village. The Manhattan rental market pays a premium to live in this “small European town.” For example, a one bedroom condo rents for $5,000 to $8,000 in West Village. The Manhattan average one bedroom is around $3,500.
$1.3 million for a walkup?
About 2 years ago, I represented a foreign client from Israel. We viewed this two bedroom, 521 sqft condo in a walkup, non doorman building in West Village. Yes, they turned 521 sqft into two bedrooms! Asking price was $1.3 million and there was a bidding war. This just shows West Village is a market by itself. The key is to be in the right location within West Village.
West Village condo negotiated during Covid
We negotiated, for my buyer client Aidan, the condo below during the Covid lock down and managed to get a great price and favorable financing terms. In a normal market, the deal we got would not have happened as there would have been multiple offers and a bidding war. The apartment is on the 12th floor at 15 Charles Street, one of the best West Village locations given proximity to the Christopher Street subway and shops. The views are one of the best in Manhattan where seeing skyscrapers is easy, but seeing trees, low rise buildings and blue sky is very hard.
Rainbow views from a West Village condo
The below is a West Village condo owned by my client Demmi who I represented in the purchase a few years ago. View from the bedroom looking at double rainbows is totally captivating.
Read about, Demmi Choo on living in West Village.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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