New York City offers a wide range of homes for sale
Homebuyers fortunate enough to be able to consider the more luxurious homes for sale in New York, NY, may want to survey the listings around Central Park. However, they likely won't be the only prospective buyers looking to invest in units with a view of Manhattan's largest patch of grass. In fact, buyers considered living directly on Central Park as a premium incentive and were willing to pay a median sale price of 118 percent above homes just off of the main roadway, according to PropertyShark.
The news source reports that the median sale price for a residential unit on Central Park was approximately $1,850,000 compared to $850,000 for the surrounding ZIP codes. It seems that while people enjoy the plethora of resources available to them in the big city, they also prefer to have a view of nature. In the 10075 Upper East Side ZIP code, the median co-op sale price was $6,091,350, compared to only $623,750 for all other sales in the same area, the source reports. That is an 877 percent premium for Central Park property.
What's more, many experts predict that anhattan prices will once again reach their 2007 peaks in the coming months. Currently, the average home price for all Manhattan properties hovers around $855,000, which may be down from $911,000 in the third quarter of 2011 but still shows that these Big Apple homes have retained significant value, NY Daily News reports. Therefore, while buyers may be hesitant to rely on property for investment opportunities, it may still be worthwhile to own space in the biggest American city.
However, not every neighborhood in New York City is out of reach for first-time homebuyers. In some instances, homes can be purchased at affordable rates, but space won't always come with the low premium. According to NY Daily News, the Lower East Side offers small lofts starting at $430,000, and co-ops can be purchased for $355,000 within this community as well.
New York City is unique in that it offers a diverse array of for-sale properties. While a certain population of buyers may be willing and able to submit significant amounts of money to live near Central Park, people with smaller budgets can still find great deals just a few blocks away.