While it’s very important to work with a skilled and knowledgeable real estate agent, there are many features that buyers should consider when searching for a new home. Being knowledgeable about each aspect can aid a buyer in assessing the value of an apartment.
Amenities: As focus has shifted to buildings that have a wide array of services and amenities, ranging from simple laundry rooms or bike storage, to pet spas and high-tech gyms, units in these buildings command higher prices.
Bedroom/room count: An apartment that has a gracious layout will have more value than one with an awkward layout. Additionally, a bedroom count that is in line with the square footage can be a major selling point for many people.
City, River, or Park views: Do you want to look out your window to see a park, a river, or city skyline? Views like these may bring in more sunlight, but also higher prices.
Design: Quality renovations that are recent and tasteful boost the sales price in almost any apartment. An apartment with a grand and gracious layout with good window placement almost always achieves a higher sales price. If an apartment is decorated to appeal to buyers, the sales price will almost always be higher.
Esteemed building: An apartment in a building that has a wonderful reputation and great financials will almost always sell for a higher price than an average building.
Fees (monthly): When monthly maintenance, common charges or real estate taxes are significantly higher than average, value is affected. The asking price must reflect the high monthly charges. On the other hand, if the monthly charges are below average this translates to a slightly higher price.
Gold Coast vs. Ghost Town: Do you want to live in a prime location like Fifth Avenue, Park Avenue, Central Park West, West Village or TriBeCa’s Gold Coast? Keep in mind that they are highly sought after with the matching high prices. If you’re aiming for a lower price, you can expect second or third tier locations to be further from public transportation, closer to commercial or industrial areas, or overlook areas with current heavy traffic or future construction sites.
Homeowner History: Because most buyers now consider condominiums more desirable due to ease of purchase and re-sale, as well as for the ability to rent with few restrictions, condos trade at higher prices than co-ops often by as much as 10 to 15%.
While the above considerations will get you started, if you want to learn more about becoming an expert buyer of Manhattan Real Estate, contact me for a meeting or for a free copy of my complete New York City Real Estate Buyer’s Guide by emailing firstname.lastname@example.org or calling 212-937-7011.