When it comes to buying a new home, the Upper West Side is an attractive option. Many people are moving to the city, and they want to buy a property that’s close to work and school. However, the Upper West Side is not cheap. Because of that, many people are looking to purchase a co-op or condo in the neighborhood.
West Side Executive Condominiums
West Side executive condominiums are increasing in popularity, thanks to their upscale features. They are a great way to live in Manhattan for the best price. They are also a great option for first-time buyers. New home buyers are looking for luxury apartments that are close to work and offer convenient amenities like gyms and spas.
Many benefits of purchasing a condominium include lower maintenance costs. Condos are less expensive than single-family homes, but they also appreciate more slowly. A good rule of thumb is to avoid a condo that is being sold for more than its market value.
New development condo market numbers tend to fluctuate with construction progress. While the number of new buildings that started closing in Q4 of 2018 was the lowest since 2012, the number of sales was up. The number of new properties on the market was down by 14%, but active inventory increased by 30%. This is indicative of the health of the market rather than closed sales.
The grand opening of Hudson Yards, the 28-acre development in midtown Manhattan, was a big deal. Once finished in 2024, the development will transform the surrounding community, adding 125,000 office workers, visitors, residents, and high-end retailers to the neighborhood. However, the project has also faced criticism for its lack of public transportation and so-so culinary options. Meanwhile, the surrounding park system has been struggling for years due to a lack of funding.
The price of an apartment at 15 Hudson Yards starts at $3.9 million. Renters can expect to pay $5,300 per month for a one-bedroom unit. While that price is out of reach for most twenty-something New Yorkers, developers agreed to include some units that are more affordable. In total, there will be 4,000 units within the development.
The price of a Manhattan condominium remains relatively high compared to the national average. However, the median sales price of a condo in the neighborhood jumped 34% year-over-year in Q3 2022, reaching $5,852,000. Part of the rise in price was due to a 40% increase in the average size of a condominium sold in the neighborhood. The median sale size rose from 1,920 square feet in Q3 2021 to 2,693 square feet in Q3 2022.
Hudson Yards condos
Hudson Yards executive condos are increasingly popular with new home buyers, especially among young professionals. The project’s proximity to the Financial District and other prime neighborhoods in Manhattan has led to an increase in property values in the area. As a result, prices have fallen in older units, but are expected to increase in the future.
New home buyers will benefit from the abundance of new construction, which gives them more negotiating power. Many developers are putting up smaller, less expensive units. Although “less expensive” is relative in NYC, many of these units are packed with every amenity imaginable. For instance, a two-bedroom, 1.5-bathroom abode in a 56-story building can sell for $2,040,000.
The number of sales contracts signed in Q4 2018 fell by 3% year-over-year, but contracts signed at two ultra-luxury buildings rose by more than 20%. The median sales price per square foot fell across all inventory types, but was still higher than the year-ago period. Contract activity is more indicative of current market conditions than closed sales.
Hudson Yards co-ops
With the development of Hudson Yards, there are many reasons to buy a new home in Manhattan. These include the opportunity to live in a high-end community and the proximity to the financial district and West Chelsea. The development is a thriving, urban destination, with a thriving arts community, upscale retail, and a variety of services for residents. It will feature upscale living at its finest, along with access to the world’s best restaurants, arts, culture, and fitness. In addition, the new development is slated to include more than twenty thousand apartments, including more than 5,000 affordable units.
Although Hudson Yards has a high median home price, sales volume has fallen significantly in the last year. This is primarily due to a shortage of new homes and infrastructure. Also, the luxury condo glut has caused prices to increase, which is bad for buyers. As a result, Hudson Yards is among the most expensive neighborhoods in the city. In the second quarter of 2019, sales prices in Hudson Yards jumped 48 percent. However, the average sales discount was only sixteen percent, tied with Midtown.