Sales of studios and one-bedroom apartments may have rebounded more quickly after the 2008 market crash, but two-bedrooms are finally catching up, according to the New York Times. Brokers now say that the demand for two-bedrooms is surpassing that for smaller apartments, especially those on the lower end of the market.
Overall, New York City apartment inventory has grown by 13.4 percent since March 1, but inventory of two-bedrooms increased at the slowest rate and grew by only 11.4 percent. “If inventory gets tighter,” Jonathan Miller, president of Miller Samuel, observed, “that portends a more robust two-bedroom market for the year.”
Two-bedrooms had a median sales price of $1.65 million in 2008. That figure now hovers around $1.21 million, according to Miller Samuel data.
Peter Burval, an agent with Prudential Douglas Elliman, said it’s been extremely difficult to find quality inventory. “When we do find something that has good views and is in good condition,” he said, “there are multiple bids within the first few weeks of it coming on the market.” [NYT]