The New York City real estate market is living up to its hype. Glamorous, fast-moving apartments mean buyers and renters alike must act aggressively if they see a unit they love. From penthouses to studios, apartments in the New York City “housing” market are often condominiums or cooperatives. The key difference is that a condominium is real property, while a co-op is personal property, meaning shares in shares of the company that manages the building. Those seeking a more detached “home” style may want to consider townhomes and brownstones.
Buyers must obtain a mortgage prequalification letter from the bank to view the highest range of inventory, as sellers can stipulate that only prequalified buyers be shown their properties. Buyers must also be able to verify funds and three years of work history. . Both buyers and renters must have pay stubs on file for this year. In their search, tenants will find that there is an income requirement. Leasing companies and cooperatives may require an income ranging from 20 to 50 times the monthly rent. If you are interested in buying, renting, or selling real estate in New York City, some of the most experienced sales professionals can be found at Wald Real Estate, a full-service brokerage specializing in the Manhattan location. .
As of 2012, the median sales price for an apartment in Manhattan is approximately $1 million. According to the New York Times, the median rental price in Manhattan for 2012 was approximately $3,400 per month. These numbers show the market in an uptrend. After a few years of inactivity, the Manhattan real estate industry is thriving and agents are struggling to keep up with demand. 2012 brought the highest sales rate in over four years. But these hungry buyers and renters are seeing fewer units on the market by comparison. With this decrease in the inventory of available apartments, the Manhattan real estate market this year is experiencing the lowest inventory in more than seven years. Foreign buyers are also seeing the appeal of investing in the Manhattan real estate market, adding to the competition for apartments and townhomes.
The neighborhoods within Manhattan that are experiencing increased sales activity are Midtown West and the Upper West Side. Increased rental demand has been seen in downtown neighborhoods like Gramercy, Flatiron, and Chelsea. The Upper East Side as well as the East and West Villages are also in constant demand.
Demand for a neighborhood reflects the total personal value that buyers and renters place on a neighborhood. Some people like to be closer to the main metro hubs, while others want to be closer to the entertainment and nightlife. Others seek a quiet break near city parks or on tree-lined streets. Manhattan offers a lifestyle for everyone. For inquiries about which neighborhood is a best fit for you, contact one of the knowledgeable agents at Stephen P. Wald, a highly recommended full-service real estate agency specializing in the Manhattan real estate market.
The response to Hurricane Sandy has demonstrated another facet of the Manhattan housing market: its tenacity. Since Hurricane Sandy made landfall on October 29, flooding and damaging much of lower Manhattan, many have questioned whether the Manhattan housing market would be equally affected. But at the Bloomberg RE Business Conference on November 13, a panel of real estate experts shared a more optimistic picture, forecasting normalcy within the year.