Suburban condos get competitive

Greenwich sees contracts triple in November

 After a rush for suburban houses, condos in the ’burbs are seeing more interest too. (iStock)
After a rush for suburban houses, condos in the ’burbs are seeing more interest too. (iStock)

As the homebuying competition mounts in New York area suburbs, condos are making their way into the mix.

The number of single-family homes on the market has dwindled, and empty-nesters looking to downsize are considering apartments, pushing up interest, according to Bloomberg.

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“Affordability is a challenge, and with record prices being set, condo becomes a competitor again,” Jonathan Miller, president of appraiser Miller Samuel Inc., told the publication.

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In Greenwich, contracts to buy condos more than tripled in November year-over-year to 25, according to a Wednesday report by Miller Samuel and brokerage Douglas Elliman Real Estate. A majority of those deals were priced between $500,000 and $999,000.

Condo contracts also increased in Westchester County, by 24 percent.

On Long Island, excluding the Hamptons and the North Fork, they rose a modest 6.5 percent. But there were 16 deals there to buy apartments for $1 million or more, up from just eight in that price range a year earlier.

[Bloomberg] — Sasha Jones