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