Posts Tagged ‘SoHo’
NEW YORK — If you’ve ever thought about living in SoHo on the cheap, now might be the time.
It’s not that prices have suddenly plummeted.
Quite the opposite, in fact, if you’re looking at rentals. The average rent in Manhattan climbed to a near-record high of $3,309 at the end of 2011, while vacancy rates in the neighborhood dropped to well below 1 percent.
No, the affordable aspect of the real estate market in one of New York’s most popular areas was due to the historically low average rate on a 30-year mortgage — a mere 3.88 percent.
It’s that factor that makes a charming studio at 150 Sullivan Street, with maintenance of $645, just a little more than $1,700 per month to own. The description is as follows:
Divine studio in A-plus location. Nestled in the heart of Soho, this top floor walk-up features high ceilings, an abundance of natural light and an updated kitchen with room for a dishwasher. Features include exposed brick and recently re-stained dark walnut floors. A thoughtfully laid out floor plan makes great use of this residence. Liberal board allows pieds-a-terre, guarantors, parents buying for children and subletting. Investors welcome.
Sounds good, doesn’t it?
As always, if you know of anyone looking to buy, sell or rent a home in New York, please let me know.
NEW YORK — Manhattan rents, as predicted, have experienced a 10 percent increase from a year ago — with inventory tightening, as well.
One-bedroom apartments averaged $2,672 and two-bedroom units were $3,757 per month, according to The Real Deal. Those dollar figures represent a rise of 9.2 percent and 10.8 percent, respectively compared to the second quarter of last year. The article also finds:
The most expensive area was the West Village where one-bedroom rents reached $3,457, followed by Soho and Tribeca where one-bedrooms netted $3,454 on average. The least expensive areas were Upper Manhattan and the Upper East Side, where rents averaged $2,621 for a one-bedroom apartment.
Meanwhile, the borough’s vacancy rate was 0.72 percent for the quarter, the lowest rate since the firm began tracking the statistic in 2002. Last quarter’s vacancy rate was 1.08 percent, and the rate stood at 0.97 during the same period a year ago.