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Getting Real With New York Real Estate
A friend of mine moved to New York several years ago. In my mind, I pictured her as a glamorous working girl who hopped on the subway every morning after grabbing a quick coffee at the local bagel shop. I was sure her lunches were filled with window shopping and she spent her evenings watching famous plays on Broadway.
However, his own reality was quite different from what I imagined. She couldn’t afford to live in the city, so she found a nice apartment across the river in New Jersey. Plays were an important part of her life, but she only went there every few months, as much as her disposable income allowed.
Real estate in New York is very different from other areas. For example, if you wanted to live on the Upper West Side — Dakota maybe — the three-bedroom, two-bathroom home where West Side Story was designed is now available for just under $6 million. . If that’s too expensive for you, a one-bathroom studio in the West End can be yours for just $435,000. The key word is “studio” where there is a separate bedroom. The nearly half a million dollar purchase price doesn’t cover the $964 monthly maintenance fee, which includes utilities.
A recent report by Douglas Elliman of Prudential shows that housing prices have doubled in the last ten years in Manhattan. For example, ten years ago the average house price was $710,000. The average price this year is nearly $1.4 million. However, prices are falling, as indicated by the 12% DROP over the previous year.
With this kind of top-to-bottom activity on the home buying/selling front, the good news is that there are real estate agents available and ready to help you find real estate to rent. It’s a phenomenon we’re starting to see across the country, but it’s been perfected by agents in New York. Often, tenants will have to pay finder’s fees, but overall rents go down with house prices.
The cheapest place to buy an apartment in New York, as Habitat New York reports, is Uptown, Brooklyn, or Queens. Here, studios start at $1,200 and three-bedrooms at $3,000. The most expensive apartments are found on the Upper East Side, Upper West Side and Midtown, starting at $1,600 per month and going up to $12,000 per month.
If you’re ready to bite into the Big Apple, be prepared to pay the weight of the golden apple to buy or plan a good ride for the most affordable apartment rentals.
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