When searching for New York City apartments for sale, be prepared to pay the price if you want a prime real estate location. In New York, location is everything. Since most people who live in the Big Apple do not own their own cars, access to public transportation such as the subway is important, as well as access to shopping and entertainment. Where you work and do business is a key factor in determining the area that is right for you.
When considering New York City apartments for sale, another key factor is size. Space is limited in the big city, and the larger your living quarters, the more you will pay to live there. Currently, the most expensive New York City apartments are selling at a median price range of $15, 450,000, with a median size of 4,850 ft, and the median price per foot running at $3,240. Some of the most expensive areas in which to purchase an apartment include Greenwich Village, Midtown, Tribeca, Lincoln Square, Upper East Side, and Lenox Hill. Most of these extremely high priced units have multiples bedrooms, ranging from 4-8 bedrooms and 5 or more bathrooms. Obviously, these examples are many more apartments than most average New York dwellers and families searching for.
If you are seeking more affordable New York City apartments for sale, consider the areas of Forest Hills, Soundview, Fordham, East Tremont, and Arlington. Currently, the median price range for apartments in these areas of NYC is is $125,000, with the median size being 704 ft., and the median price per ft. $172. Keep in mind that most of these apartments are either studios or one-bedroom dwellings with only one bathroom.
When choosing to buy real estate in New York City over renting, you have several advantages. Buying will give the purchaser greater control over their living environment, a chance to build equity in the home, and the buyer may be eligible for tax breaks that centers are not. It is highly advisable to get pre-qualified for a loan before seriously pursuing your search for NYC apartments for sale, so that you know exactly how much of a loan you are eligible for before you begin searching. The real estate market moves very quickly in NYC, so you will want to act fast when you find the perfect place to suit your needs.
From the examples given above, one can see that prices within the New York City burroughs vary greatly depending upon location and size. If you desire to live in NYC, determine what your most important needs are when choosing an apartment to buy, then narrow down your search from there. Chances are, you may fall somewhere between the above examples of price ranges and needs for so many or so few bedrooms and bathrooms. If you have school-aged children, school districts should also be an important determining factor when choosing the appropriate location within NYC.
New York City is a densely populated area with a diverse range of everything from food to culture to entertainment. When choosing your apartment, do your research to find the most desirable living space that works for you and your family.
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