Manhattan studios, one-beds struggle to sell

TRD 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
Ronnie Wood and his London home (Getty, Milton Stone)

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse
Bozeman, Montana

Montana’s real estate market shows no signs of cooling heading into winter

Montana’s real estate market shows no signs of cooling heading into winter
French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate
Opendoor CEO Kevin Wu, Daniel Morillo and Ken Griffin (Getty; Opendoor; LinkedIn)

Opendoor hires CIO from Ken Griffin’s Citadel

Opendoor hires CIO from Ken Griffin’s Citadel
(Getty)

Manhattan rents fall below $3,000 for first time since 2011

Manhattan rents fall below $3,000 for first time since 2011
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
Existing home sales rose again in September as listed inventory sunk to a new low. (iStock)

Existing homes sales remain high, but inventory is “historically low”

Existing homes sales remain high, but inventory is “historically low”
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
arrow_forward_ios

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

Loading...