New York Apartment Prices
Posted by Wei Min Tan on August 3, 2021
New York apartment prices for condominiums based on the most recent quarterly data including price per sqft, sales volume, average sales price. The overall theme for Q2’2021 was a surge in sales volume as buyers rush back into the market driven by low mortgage rates, pent up demand and reopening of New York City.
Transaction volume up
The condo market saw a surge in sales volume wherein number of sales of condominiums increased by 48.8 percent compared to Q1 and 162.3 percent compared to last year. Why? It’s because of very low interest rates and pent up demand from 2020 buyers who were supposed to buy last year but didn’t buy and optimism from the reopening of the New York economy.
Median Sales Price by Apartment Sizes
The median sales price for a studio apartment is $600,000, for a 1-bedroom is $995,080, for a 2-bedroom is $1,986,513, for a 3-bedroom is $3,850,000 and for 4+ bedroom it’s $6,907,000. The trend post-pandemic has been moving towards larger apartments.
The new development market had the same trend with sales volume increases of 19.2 percent and 145.3 percent compared to Q1 and prior year respectively. New development refers to newly launched buildings where the buyer would book, wait for 2 years for completion and then close when the property is completed.
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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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