Find Your Starter Apartment Deal
By the time they find takers, these apartments’ average final asking prices are significantly lower than their original price tags—down from $432,966 to $411,737 for studios and $645,850 to $628,679 for one-bedrooms—whereas average prices for two- and three-bedrooms actually went up in August. — “The Starter Jackpot: For buyers, the big opportunity is in smaller apartments,” New York Magazine, Sept. 25, 2011
NEW YORK — Uncertain economic times are keeping some people from taking the plunge and buying a new home.
We have seen evidence of this in the hyper-active rental market. With less than a 1 percent vacancy throughout the city it is quite clear that a large group of would-be buyers have decided to sit it out and rent until things on Wall Street stabilize.
That said, even during uncertain times there is always an opportunity to be found — if you know where to look.
Right now the number of studio and small one-bedroom apartments is at an all-time high. When inventory increases prices tumble, and we are now seeing buyers, primarily young, first-time buyers assisted by their parents, entering the marketplace and taking advantage of low prices.
Why rent for $2,000 a month when you can own for the same monthly payment?
Interest rates are still hovering around 4 percent, and with a decline in the price of smaller apartments there is great opportunity for savvy shoppers. Below is an article which talks further about this opportunity. I hope you enjoy it as much as I did.
As always, if you or someone you know is thinking about buying, selling or renting an apartment in NYC please let me know.
- New York Magazine: “The Starter Jackpot: For buyers, the big opportunity is in smaller apartments.”