Small Apartments Proving More Resilient
From Miller Samuel by way of the Sunday Times come statistics (including the price-per-square-foot numbers above) showing that smaller Manhattan apartments–specifically studios and one bedrooms–are proving to be more resilient than larger ones as the market has started to soften a bit. Studios and one-bedrooms made up 55 percent of all sales from July to…
From Miller Samuel by way of the Sunday Times come statistics (including the price-per-square-foot numbers above) showing that smaller Manhattan apartments–specifically studios and one bedrooms–are proving to be more resilient than larger ones as the market has started to soften a bit.
Studios and one-bedrooms made up 55 percent of all sales from July to September – the most recent quarter – compared with a market share of 50 percent last spring. Their average values climbed 11 percent, while prices on larger apartments fell an average of 16 percent.
Pretty amazing to think that when we bought our first apartment–a 900 square-foot prewar one-bedroom on the Upper East Side–nine years ago for $160,000, it had been languishing on the market for close to a year. Are smaller apartments outperforming in the Brooklyn market as well?
More Buyers Thinking Small [NY Times]
People have to buy smaller and smaller apartments because they cannot afford anything else. How about that!
yup…it’s happening
Small apartments are way overpriced. Rich folk with business sense are holding back to see what happens while less savvy/less weathly people are dumping their life savings into studios and small one bedroom apartments.
There’s a trickle effect at work — and like Reagan said, it’s from the top down. (I realize he was referring to something entirely different, but my point is still valid).