What is the most popular NYC borough property type?

Asked by Nicole, Lyons, IL Thu May 31, 2007

What type of NYC borough property has been selling the best and for the highest resale for the past few years (i.e., 2bd/2ba condos, or co-op properties, or loft studios)? Is there a trend over the past few years of what buyers are expecting in properties (i.e., jacuzzi, hardwoods)? Has there been a noticeable trend of where buyers are coming from (i.e., relocation from the Southeast)? Thanks

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Joseph Ferra…, , New York County, NY
Sat Jun 2, 2007
Be careful when making purchasing decisions based on currrent market conditions, as they can change. If you are a builder or are interested in "flipping" a property, then yes I think this is useful information. But, if you are interested in buying for your own use and you intend to stay in the property for a few years, buy what suits your needs. Remember too that the most popular selling type (high demand) will usually demand the higher prices.
The overall trend I would follow is "green". Find properties and amenities based on their energy efficiency.
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Nicole, , Lyons, IL
Fri Jun 1, 2007
Thank you so much, Pierre! These answers are so helpful! May I also stay in touch with you, once I am looking for an agent?

All the best!
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Pierre Calza…, Other Pro,
Fri Jun 1, 2007
OOOh fun question: Here is my take on it. First off I am licensed in NY as a real estate agent - I am born and bred in a Manhattan co-op, and am still a life long NYC resident. That being said, the hottest seller continues to be 1BR and Studio Apts, they never stay on the shelves long. For many reasons, 1 - cheapest entry into Manhattan, 2 - easy to rent, 3- many young people are not married and do not foresee kids asap, so it is a perfect buy. NYC is a very popular destination for people coming to "live in the city" from all over the world. This lends itself to a constant demand for affordable property, and the stuido/1BR fits the bill.

Your question has some other facets which complicate the issue. I would say condos and lofts are more popular than coops, but the sheer volume of coops lends to more sales of coops. The consumer prefers condos due to their less restrictive ownership rules, although that also seems to be changing.

Buyers are coming from everywhere, we are more than a U.S. destination, we are a world destination. So eastern europeans are the fastest group coming into the city in general, and for the outer boroughs as well. The caribbean community continues to flourish as every other community does too. It's not like we are Phoenix - who goes there? i dunno... NYC attracts from all over the U.S.

Buyers do expect higher grade in new construction. Granite, Vikings, built in appliances, Sub-Zero, etc are expected in any new unit as are hardwood floors. Again, NYC is not a "new" city - many of our buildings were built long ago, so renovations are frequent. Brownstones are better if they are original, but that also depends on the buyer. Hope this helps.
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