how much do homes cost in new york city we'll demystify this topic in the
following video i'm Nick at Hauseit visit our website hauseit.com to learn how to
save money if you are looking to buy here in new york city so let's get
started
so how much do homes cost here in new york city well this is a very expansive
topic but if we're looking at the headline numbers or the top line numbers
the median home price in new york city is anywhere between 700 and 800 thousand
dollars but that number or that range itself doesn't really provide that much
utility because the actual price and prevalent price per square foot of a
property in new york city varies widely depending on several factors including
for starters what borough it's in manhattan brooklyn queens bronx or
staten island not only what borough it's in but what neighborhood is it in if
you're downtown in manhattan are you in the financial district or are you in the
west village massive differences in terms of the price per square foot and
the cost of a home in the neighborhoods within of course each of the boroughs
here in new york city and then of course we have the
the topic of the property type so here in new york of course you have
apartments just like everywhere else but we have condos and we have co-ops
different forms of ownership with different positive and negative
attributes and so you know that really will impact the valuation co-ops are
anywhere from 10 to 40 percent cheaper than condos in the same area you buy the
exact same apartment if it says condo versus co-op the pricing differential
could be massive and then of course you have townhouses you have brownstones
throughout new york city and all of the boroughs essentially and you also have
the occasional home single or multifamily freestanding home
all of these different property types have different valuations and different
prevailing pricing characteristics one question that we are frequently asked is
you know what's the cheapest department in manhattan and that's a really good
question and you know the answer is it's a bit convoluted because you know
technically you can get an apartment in quote unquote manhattan for like 200 000
but an apartment in this price point is either going to be extremely far up in
manhattan in a neighborhood for example like hamilton heights
or the property more likely has some other factor that's
contributing to that diminished pricing it could be an hdfc apartment and this
type of apartment which we'll discuss in another video has income restrictions
for the purchaser so it constricts the number of people who qualify for the
property so there's plenty of hdfc apartments htfc co-ops in the city in
manhattan that you can find for around 200k starting but you might not qualify
depending on your income there are also inexpensive apartments in more
approximate neighborhoods towards central manhattan which are in that 200k
range but the building might be on a land lease now land lease buildings are
slightly more nuanced because of the additional complexity of the fact that
the building does not actually own the land on which it's constructed so it
just creates an additional nuance and topic or a learning curve for
prospective purchasers and it does impact the valuation in many cases
so if we're cutting out you know all of the special circumstances that we've
talked about like land lease buildings htfc co-ops and we cut out you know
really ridiculously north neighborhoods in manhattan that most people don't
actually associate with manhattan we get back to the question at hand which is
how much does it cost for an apartment starting in manhattan and the answer to
that is roughly 275 000
that's the level where you'll start to see pretty good supply and and pretty
good amount of inventory and options within you know central proximate
neighborhoods such as the upper east side here in manhattan
another commonly asked question is you know how much does a property cost a
one-bedroom apartment a condo in somewhere like downtown manhattan
and this is a really interesting topic because it speaks to the fact that you
know each particular neighborhood in new york city has such a nuanced distinction
with respect to the pricing so you know if we're looking at say something in
like noho or nolita or soho and it's a new condo you know the price per square
foot there could potentially be starting minimum at two thousand dollars
a square foot and in most cases closer to twenty five hundred or three thousand
dollars a square foot but if we go to a neighborhood that has greater supply
and certainly in the case of financial district the pricing is completely
different you know you could start to find condos around fifteen hundred
dollars a square foot or potentially less so think about the fact that we're
talking about neighborhoods that are a short walking distance apart financial
district say in Nolita and the difference in the pricing is is
tremendous there so we would say though in general if you want to buy an
apartment a condo minimum one bedroom condo in downtown excluding the
financial district which is a bit cheaper and it's a new development
expect to pay at least 1.5 million dollars for a one bedroom and
keep in mind as well that with new developments you have slightly higher
buyer closing costs which we do discuss in detail the reasons for that in
another video how much is a two-bedroom apartment in brownstone brooklyn now
this is another very commonly asked question from clients who reach out to
hauseit because of the fact that brooklyn generally provides better
relative value in terms of spacing so you know for anyone in a household with
more than two individuals spacing is a real consideration so
obviously manhattan we talked about pricing downtown if you need multiple
bedrooms it's going to be tough for the average person to show out to 3 000 a
square foot so as a result people go to brownstone brooklyn brownstone brooklyn
we would consider to be you know neighborhoods that are rather proximate
to manhattan park slope for example clinton hill
and adjacent areas and in our experience you know the sort of two-bedroom kind of
starter type larger apartment in these areas comes in at around 650k and above
which offers tremendous relative value if we compare it to most of manhattan so
as a result if you are looking to buy you know a two-bedroom plus
quasi-starter type apartment in brownstone brooklyn expect there to be a
lot of competition you've got a lot of buyers out there looking for this
combination of spacing relative value location and such so very common for
these types of properties say in like clinton hill or park slope to end up in
in a bidding war and most commonly in new york we call it a
best and final process where many people submit their bid and then the seller
basically picks the best one and moves forward another question we get is how
much does a townhouse cost in new york city
now this is a very very broad question because there's essentially no limit to
the cost of a potential townhouse like you know you can find a townhouse
a prime gut renovated massive double width townhouse in new york city
tens of millions of dollars maybe 50 million dollars or more there's
literally no upper limit but for the typical home buyer you know
they want to probably spend starting around 2 million
let's say up to 5 2 to 5 million dollars is like you're you're more common type
of buyer for brownstones and the good news is that in brooklyn you know you
can find plenty of townhouses between two and four million dollars
certainly in brownstone brooklyn park slope and those types of areas it's
going to be much closer to that four and in many cases way higher if you're
looking at like a gut renovated or a you know substantially sized townhouse
but if your you know budget is lower maybe you can find something that's
unrenovated in brownstone brooklyn or if you go a bit further out you know bed
stuy bushwick you can find loads of substantial townhouses around that price
point which may very well be even gut renovated
and you can find town houses as you go further out and you know bushwick beds
die so on and so forth near a million dollars and potentially
less so you know the answer to the question is your typical brownstone in
brooklyn is going to cost you know two to four five-ish million dollars but you
absolutely can find something for less than two and of course in manhattan you
know the sky's the limit there but expect to pay you know downtown probably
no less than you know high single digits in terms of
millions and in most cases 10 million dollars or more
so we hope you found this video to be helpful if you are looking to buy in new
york city we can save you money learn how at hauseit.com i'm Nick at
Hauseit we appreciate your time today and we'll see you on the next video