Manhattan homes with outdoor space sell at 5% premium

Manhattan condos and co-ops with outdoor space sell for higher prices since March 15

New York /
Aug.August 24, 2020 02:25 PM
(iStock)

(iStock)

A private balcony or terrace in a Manhattan home has always been a perk, but in a pandemic they justify a boost in sales prices.

Condos and co-ops with private outdoor space are selling for 5.4 percent more per square foot since March 15 than they were prior to the pandemic shutting down the city, reports Bloomberg citing a data analysis by appraiser Jonathan Miller.

On the flip side, condos and co-ops without exterior space have seen a 1 percent decrease in price per square foot.

“The number one thing that people are asking for is private outdoor space,” Compass adviser Cindy Scholz told Bloomberg. “Particularly in rentals, where we have a huge inventory supply right now, the stuff that’s actually moving at a reasonable pace has private outdoor space.”

In the rental market, units with outdoor space are seeing smaller declines in asking rent, according to Bloomberg. Citing RentHop data, the publication reported apartments with outdoor terraces have only seen rents fall by 3 percent, compared to the 6 percent drop the rental listing site is seeing for units without an exterior space.

[Bloomberg] — Erin Hudson


Related Articles

arrow_forward_ios
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
40 Meadow Lane, Southampton
New Hamptons sales and listings promise ocean views… and eternal life
New Hamptons sales and listings promise ocean views… and eternal life
(Illustration by Kevin Rebong for The Real Deal)
Single-family rent growth more than doubles in April
Single-family rent growth more than doubles in April
Millions of homeowners remain vulnerable as forbearance winds down
Millions of homeowners remain vulnerable as forbearance winds down
Millions of homeowners remain vulnerable as forbearance winds down
Confidence is lowest in the Northeast and Midwest, at 73 and 70. (iStock)
Homebuilder sentiment slides to 10-month low in June
Homebuilder sentiment slides to 10-month low in June
Berkshire Bank headquarters in 4 East 39th Street (Google Maps)
Major FiDi landlord resigns as bank chairman after stock windfall
Major FiDi landlord resigns as bank chairman after stock windfall
Elon Musk and the San Francisco estate (Getty, Gullixson / Compass)
Elon Musk relists San Francisco mansion for $38M
Elon Musk relists San Francisco mansion for $38M
Daniel Humm and 40 Fifth Avenue (Getty, Google Maps)
Chef Daniel Humm scoops Greenwich Village co-op from Chipotle founder
Chef Daniel Humm scoops Greenwich Village co-op from Chipotle founder
arrow_forward_ios

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

Loading...