Greenwich Village and West Village Studio Condominium Market Report
The combined inventory for a Greenwich Village or West Village Studio Condominium For sale as of this blog post is a tiny Ten (10) condominium andÂ CondopÂ Listings for Sale.Â To put that into a little bit of perspective if I search for a co-op studio apartment for sale in Greenwich Village or the West Village I come up with over 90 hundred available apartments for sale.Â So that means the condominium inventory is about 1/9th of the size of co-op inventory.Â That is especially important when you look at the pricing and scarcity for a studio condominium apartment for sale in both Greenwich Village and the West Village.
The price range for a studio condominium for sale in Greenwich Village or West Village ranges from approximately $750,000 to $450,000.Â There is an outlier apartment currently asking $1,995,000 at theÂ DevonshireÂ House at 28 East 10th St.Â This apartment would fall into quite a different category as it is on the top floor of the building and has a wrap around terrace that is absolutely amazing.Â For our analysis most people looking for a studio will be looking in the $500,000-$750,000 range.Â The lower end of the range includes a fewÂ condopÂ buildings that are located in Greenwich Village and the West village, in this case they include an apartment at 10 Christopher Street asking $450,000 and multiple apartments at 63 E 9th St-The Randall House ranging in price from $460,000-$490,000.Â Now not allcondopsÂ are as investor friendly as a condominium would be, so if you are an investor looking to rent out the apartment immediately after purchasing you will have to look at condominiums or aÂ condopÂ with a more investor friendly by law.Â Â
On the lower end of the price range sits a studio at 222 West 14th St-The Sequoia.Â The Sequoia is a full time doorman elevator condominium building on 14th Street between 7th and 8th Avenues.Â A very affordable studio is currently on the market asking approximately $470,000.Â This is the lowest priced condominium studio for sale in Greenwich Village or the West Village.Â The location of theÂ SequioaÂ would fall more into the West Village, West Chelsea neighborhood profile.Â Â
At the top of the price point sits a very nice studio at 59 West 12th St.Â 59 West 12th St is an Emery Roth designed Bing and BingÂ pre-war condominium building.Â There are only 4 Bing and Bing Emery Roth designed buildings in both the West Village and Greenwich Village.Â They are some of the most desiredÂ pre-war condominium buildings in all of Manhattan, the reason being that the layouts, style and construction of the building and the apartments is excellent.Â This studio condominium for sale at 59 West 12th St is spacious has a Wood Burning Fireplace, separate dressing room, plentiful closet space and separate kitchen.Â TheÂ pre-war condominium studio market in the West Village or Greenwich Village is always going to be very limited, so the price point is reflected here at 59 West 12th St.Â Â
The other West Village and Greenwich Village Condo Studios for sale are located in buildings such as 175 West 12th Street, 60 West 13th Street and 84Â BedfordÂ Street.Â Overall expect to pay starting prices around $1100 sq ft for a studio condominium in the West Village or Greenwich Village, some buildings will be more like a 59 West 12th Street or 25 Fifth Avenue.Â The post-war condominium buildings will typically have studio's for sale in the lower range of the $550,000-$600,000.
When I get a phone call from a buyer looking for a studio in either the West Village or Greenwich Village typically the price point surprises them.Â Paying $650,000 for a studio typically isn't what they expected, but the reality is that depending on what they want they may be what they have to spend.Â It all depends if they want to live in a specific building or have a completely renovated apartment with great views.Â Having an open mind to what the market is like in these neighborhoods is a necessity as the inventory levels are so constrained that the pricing is reflected in the high demand and low supply.
If you are interested in buying a studio condominium in the West Village or Greenwich Village and want to know what is available right now or plan to buy in the future and need help with your search call me today at (917) 837-8869.Â We can talk about what exactly you are looking for and what buildings may work best for you.Â If you want to email, my email isÂ morgan.evans(at)Â elliman.com.
Once again for a Greenwich Village or West Village condominium for sale contact me at (917) 837-8869.Â