Which Areas In The Manhattan Housing Market Are Heating Up?

Manhattan Luxury Apartments markets heat up

For nearly a year, the cost of apartments for sale in Manhattan has remained pretty steady and pretty low because of the economic crisis, but not every building is doing poorly; some areas of Manhattan are actually beginning to thrive, seeing inclines in how much a New Yorker will pay for apartments for sale. These micromarkets can be found throughout Manhattan in just one building, on one street, or in a particular area, scattering the city’s prime real estate from north to south, east to west.

Certain types of apartments seem to be sticking out when it comes to this trend. What are people looking for that they’re willing to pay more to get? They want apartments that are ready for a move-in, family-sized apartments with three or more bedrooms and plenty of space, and unique apartments: ones that have something to make them stand out, i.e. a wrap-around terrace or excellent views. Condos that are in their first resale are also extremely popular. Many new construction buildings were built around 2007 and their apartments are once again for sale; buyers are attracted to these apartments because they are still very new and they’ve had residents that would have taken care of any issues that may have come up.

Where are these prime locations?The New York Times says Greenwich Village and Chelsea are becoming more and more popular these days. 520 West 19th Street apartments, a fairly new building in Chelsea, are selling for 10-20% more than they originally sold for. Apartments near the High Line and along the Avenue of the Americas are also doing well during this economic crisis and the Chelsea Stratus apartments for up to 20% more than their originals sale in 2007. What other trends are sales following? In Chelsea, condos are doing better than co-ops when it comes to sales, but when looking at Manhattan as a whole, co-ops have had more success. Specific buildings that are doing better when it comes to increased profit in sales tend to be ones with renovated apartments, anda good location nearby landmarks and subway stops. As the majority of the Manhattan housing market remains rather steady there are some areas of the city that are becoming more successful and these prime spots may be starting a trend that the rest of the market will eventually follow