Manhattan studios, one-beds struggle to sell

New York /
Oct.October 15, 2010 03:30 PM

Caroline Bass

Studios and one-bedrooms, often considered the ‘starter homes’ of Manhattan, are struggling in the current market, according to the Wall Street Journal. First-time homebuyers are harder to come by with consumer confidence down, experts say, and the expiration of the first-time homebuyer tax credit has taken away the incentive for renters to take the homebuying plunge. While the median price for a three-bedroom unit has climbed 3.8 percent quarter-over-quarter, according to appraisal firm Miller Samuel, the median sales figure for one-bedrooms dropped 4.5 percent between the second and third quarters of the year. Caroline Bass, a senior vice president with Citi Habitats, said that selling small apartments has been a struggle. “I’ve had this studio on West 57th Street on the market for over a year now and virtually no one is coming to look at the apartment,” Bass said. “We initially priced it at $310,000, lowered the price to $299,000, then $285,000 and now I’m trying to get the seller to reduce the price even more.” [WSJ]

 

Related Articles

arrow_forward_ios
A photo illustration of Gainesville Mayor Harvey Ward and Gainesville, Florida (Getty, Harvey Ward)
NIMBYs triumph in Florida upzoning battle
NIMBYs triumph in Florida upzoning battle
25 Cactus, Irvine, CA and Albert Pujols
Albert Pujols lists Irvine mansion for $10M
Albert Pujols lists Irvine mansion for $10M
Fromk left: Mauricio Umansky, Christian Ulbrich, and Scott Rechler
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
RXR's Scott Rechler, Tamir Shemesh, Richard Meruelo, and Maria Meruelo (Getty, Serhant, Coldwell Banker)
Breakups, layoffs and walkaways: No love in real estate last week
Breakups, layoffs and walkaways: No love in real estate last week
Connecticut proposal would convert empty box stores into housing
Connecticut proposal would convert empty box stores into housing
Connecticut proposal would convert empty box stores into housing
(Photo Illustration by The Real Deal with Getty Images)
The housing correction is a tale of two markets
The housing correction is a tale of two markets
A photo illustration of Manhattan Borough President Mark Levine (Getty, Office of Mark Levine)
Map: Here’s a treasure trove of Manhattan resi development sites
Map: Here’s a treasure trove of Manhattan resi development sites
(Illustration by The Real Deal with Getty)
Signs of life for Hamptons, North Fork markets
Signs of life for Hamptons, North Fork markets
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...