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NYC Real Estate Roundup
FEBRUARY 7, 2012
Buy it now, love it later: Though Manhattan properties at the highest end have been holding their own for some time, demand at the “middle” of the Manhattan
residential market–homes priced at $3-5 million–has been getting stronger after a slow period, according to a recent report from The Real Deal. This may be because buyers are factoring in future circumstances like expanding families or the need for space and flexibility rather than just shorter-term resale plans. Buyers may be “sizing up”–one-bedrooms over studios, for example–to get the most value for their investment.
Bought it then, love it now: This may not come as news to anyone who has lived in New York City over the last decade, but the latest Manhattan Decade 2002-2011 report on Manhattan condos and co-ops compiled by Miller Samuel Inc. points to an 88.9 percent increase in the median sales price for Manhattan condos and co-ops during that time, from $450,000 in 2002 to $850,000 in 2011.
Brooklyn vertical history: The City Council recently approved the creation of the Borough Hall Skyscraper Historic District that was approved by the Landmarks Commission in September. It includes 21 skyline-defining downtown Brooklyn buildings that date from the 19th and early 20th centuries. The historic district is the first of its kind in Brooklyn to include commercial high-rise buildings as well as residential condo buildings like 75 Livingston Street (WSJ). View a map of the new Brooklyn historic district here.
Gold for apartments: If you invested in gold nuggets years ago, you might be able to easily buy a Manhattan apartment today. See this chart for how many ounces of gold you’d need for a New York condo (Matrix).
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