Will Studio Fever Spread to Brooklyn?
Studios are no longer the ugly ducklings of the Manhattan residential market, according to the cover story in the real estate section of yesterday’s Times. Sales of studio apartments—long considered untrustworthy investments and far less attractive than one-bedrooms—have been all the rage this year, with their per-square-foot prices besting one-bedrooms’ in a number of neighborhoods….
Studios are no longer the ugly ducklings of the Manhattan residential market, according to the cover story in the real estate section of yesterday’s Times. Sales of studio apartments—long considered untrustworthy investments and far less attractive than one-bedrooms—have been all the rage this year, with their per-square-foot prices besting one-bedrooms’ in a number of neighborhoods. Brokers say that as developers have shied away from building new studios (and as many have been combined with adjacent apartments), demand for them has increased. But will the trend cross the river, where people have traditionally moved to get more space for their buck? Signs don’t necessarily point to yes. At marquee new condos like On Prospect Park, for example, developers have gone in the opposite direction, combining units for larger layouts. As more gigantic condo buildings come on line in Brooklyn, think developers will start adding more studios to the mix?
Absence Makes the Buyer Fonder [NY Times]
Photo by contraceptacon.
Studios are still oftentimes more economical than paying rent…even today.
For those who want to own their own homes (of which there seem to be more and more) it’s a great way to get a foot into the market.
You can still find some nice 300K studios in Brownstone Brooklyn. Great for a first time buyer.
After taxes, I pay 1100. No chance of finding a studio to rent in prime Park Slope for that price.
Once upon a time, studios were the first rung in the real estate ladder, and could be be bought by a someone 3-5 years out of college–and not necessarily working on Wall Street or as an attorney. I know, I bought a studio in the late eighties in Manhattan, and if you could get the down payment together, which wasn’t that onerous, you could often own more cheaply than rent, and get equity.
At that time, I’d heard studios were less desirable to developers/owners because they were the first to be affected by an economic downturn–more junior white collar workers would be the first to go in bad times, making studios harder to sell.
It would seem more studios would only work if they were less expensive than a one bedroom and therefore offered folks a way into the New York real estate market…but this probably isn’t cost-effective for most developers.
that’s funny, 12:40. i did.
seems that the other couple hundred thousand or so studios in brooklyn seem to be filled up too.
People don’t move to Staten Island and get an apartment, and they don’t move to Brooklyn to get a studio-sized apartment!
If you love Brooklyn so much, then why do you continue to do it a disservice by talking shit about it and New York City constantly. You are one of those sick pessimists that only Brooklyn seems to have fostered in the older generation.
You need to get with the program.
Start shedding some positive news every once in a while for a change. There is a lot of it, you do realize??!!
People may be more inclined to listen or even read your posts if you stop with the world is going to end, New York is in the toilet talk.
It’s not in the toilet. That’s the thing.
YOU might be in the toilet, but for most of us…our homes going up and down in value does not constitute “New York going down the drain”
You need to find a hobby, go to Prospect Park, fine yourself a lover, SOMETHING that will bring a little happiness to your life.
I loved living in a studio. I found it very cozy and it fulfilled all of my “artist in a garret” fantasies!
“10:58, I wish you would leave New York City since you think it’s going down the drain.
You annoy the hell out of me. People who live in places they despise shows what little respect you have for yourself. It’s really gross to have to listen to. You have NOTHING nice to say about New York, so why don’t you call it a day and move somewhere you think IS doing well”
I was born and raised is Brooklyn. I’m not going anywhere! If I annoy the hell out of you then, don’t reply.
The What: King of Brooklyn
Someday this war is gonna end……
I love studio living. It can be quite rewarding.
It’s a good way of simplifying one’s life, makes it easy to live green and it’s a great way to get the creative juices flowing to make for an elegant small space that functions.
10:58, I wish you would leave New York City since you think it’s going down the drain.
You annoy the hell out of me. People who live in places they despise shows what little respect you have for yourself. It’s really gross to have to listen to. You have NOTHING nice to say about New York, so why don’t you call it a day and move somewhere you think IS doing well.
Yep! We can rent them for 2000.00 a month. It’s not because there is no apartments, it’s because of fucking greed. Please don’t say ‘you shoulda brought’ . New York is going down the drain. Stop pumping the rents!!!!!
The What.
Someday this war is gonna end….