What do you value more in a NYC apartment Size, Location, or Renovation?

Asked by William Strobel, New York, NY Tue Aug 7, 2012

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Ronnie Shumake’s answer
Ronnie Shuma…, Agent, New York, NY
Sun Aug 12, 2012
Personally speaking, I value size. From my experience, clients value location the most.
Quality is subjective as with a low priced rental in the right location and of adequate size, quality goes out the window. Also with any sales, quality is a personal taste issue. YOUR gut renovation may not meet my tastes and therefore, may not deserve the premium you are asking...
It never depreciates, goes out of style or feels smaller..l
Location is king...
0 votes
Amy Liu, Agent, Flushing, NY
Mon Aug 13, 2012
It depends on personal preferences. I think that location is the most important. The community that an apartment is located in effects the value of it.

Amy Liu
East Coast Realtors, Inc
1 vote
Mitchell Hall, Agent, New York, NY
Mon Aug 13, 2012
Location, location, location then size and renovation. The smallest house in a "good neighborhood" is a better investment than the biggest house in a "bad neighborhood" In NYC a small apartment in a good building in a good location is a better investment than a large apartment in a bad building in a bad location.
1 vote
Joseph Hasti…, Agent, Bayside, NY
Tue Aug 7, 2012
Hello William. An interesting question for sure. It can be read a number of different ways but I'll address the three aspects mentioned. You know the old saying, location, location, location. As a broker, all three aspects are relevant regardless of whom is represented in the transaction.

Size is always important in Manhattan and since we're a vertical town space may bring a premium when comping out an apartment. Location can also mean many things. Proximity to schools, restaurants, transportation, night life and general "feel" always come into play. It can also refer to what floor of the building an apartment might be on. Keep in mind some customers may be very specific as to where they want to buy and won't hear about something fantastic out of their desired area of interest. In Manhattan as every where else, Renovation and in general, an expectation of quality always adds value but this may be the least important aspect of the three. A lot of folks take keen interest in fixing up a place "their way."

If a customer has a healthy budget, they can always get all three. reasonable budgets (respectively speaking, it IS Manhattan after all) might compromise some aspect and my first thought would be size. One thing is for sure, there is less property out there than people think and it is likely that compromise could occur. For me personally, it would be size and location.
1 vote
My NC Homes…, Agent, Chapel Hill, NC
Mon Aug 13, 2012
Doesn't matter where you are, Location should be the number one consideration as it can't be changed. Then I'd say size as in an apartment that's hard to change. Renovation last as this is something that can be done by whomever owns the property as their time and money permit. It's also the only item on your list that's subjective, while location and size are objective.
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Wed Aug 8, 2012
Hello William, the age old axiom (location,location,location) holds that the location of any given property is its most important quality... period.
0 votes
Jerry Trudell, , New York, NY
Tue Aug 7, 2012
The" price tag "and location of the apartment tells a story. If you want all three, then you have to pay more, but if you want all three, and dont want to pay more, than you may become a "bargain hunter", looking for a "deal" in those low priced pads. The price of an apartment is always a combination of these factors, but , invariably, the best "deals" spacewise as well as renovation wise, seem to be the farthest from the subway.

On the other hand, there are some pretty small studios that are close to the subway that are so small, with less than 300 sq ft of useable space, that the ONLY thing that they have going for them is location.

Of course, different people have different needs, and some need location more than space. Ultimately though most people have to end up "trading off" location for space, since they cannot afford both.

I think that it is a fair statement to say that the market is "location driven" , if that answers your question.
0 votes
Albert Capoz…, , New York, NY
Tue Aug 7, 2012
That's a tough one to answer because everyone seeking a home in NYC has something about their search that is quite specific.

Though most of my customers are flexible regarding size, renovations, and location I'd say size is perhaps the most valued feature especially to those new to New York. I've discovered that if a queen size bed fits into that one-bedroom apartment I'm looking to rent it's a go!
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Tue Aug 7, 2012
Hmm. First thing I learned in Real Estate was Location Location Location. That having been said, all thre play a role, but you can have a huge beautiful apartment in a bad location, and nobody will buy it.
0 votes
Elena Ravich,…, Agent, New York City, NY
Tue Aug 7, 2012
I would say location is most important factor an drives the value. Size may be important and sometimes one would have to compromize location for the size. Some people prefer to do their own renovation but visually renovated apartments are much more likeable and if renovattion is good why go through the hassle. It is always reflected in the price
0 votes
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