New York City Vs. Suburbs: A New Trend Emerges
Many experts believe that these large apartments, whether in new full service high-rises or a rare historic townhouse, are the most coveted at the moment and could soon hit stratospheric prices. — “Manhattan Families Forsake Suburbs for Sprawling Apartments,” DNAinfo.com, Feb. 2, 2012.
NEW YORK — As real estate professionals, we spend a lot of time tracking trends and patterns.
Inventory goes up in the spring, the rental market is at its height over the summer and luxury properties tend to spend less time on the market than do studios or one-bedrooms. But one pattern that has changed over the years is that families are no longer choosing the suburbs over the city in the same numbers as they used to.
In the past, and for as long as I can remember, singles rented small apartments, moved into larger spaces when they became a couple and then packed up the car and headed to Westchester or Long Island as soon as it was time to start a family.
These days, we are seeing more and more families opting to purchase larger apartments in lieu of heading to the ‘burbs. In reaction to this change, we are seeing a larger percentage of new construction being devoted to 3- and 4-bedroom units. This is especially true in new buildings on the Upper West Side and Upper East Side.
Below is an article that discusses this to a greater degree. I hope you will enjoy it as much as I did.
And, as always, if you or someone you know is thinking about buying, selling or renting property anywhere in New York, please let me know.
DNAinfo.com: “Manhattan Families Forsake Suburbs for Sprawling Apartments“