So how much does a one-bedroom apartment actually cost to buy in New York City?
Well, we'll go through a number of examples in today's video I'm Nick at
Hauseit, we are the largest For Sale by Owner and buyer agent commission rebate
company based here in New York City established in 2014. So let's get started,
so how much does a one-bedroom apartment costs to buy in New York City? Well, based
on our research believe it or not there are a number of different price points
for a basic one-bedroom apartment. In fact, you can buy a one-bedroom apartment
in New York City for as little as $200,000 and for as much as $5,000,000
and yes that is $5,000,000 for a one-bedroom apartment. So
let's go over a few examples of what you can buy here in New York City if you're
looking for a one-bedroom apartment. First up is a 1-bedroom condo in the
Flatiron District of lower Manhattan. Now, this is a new construction condominium
and in addition, this is a higher floor unit with pretty much unobstructed
skyline views of the city. Now being a new construction full-service building
you can expect to have all of the amenities you would look for in a
building of this caliber such as a full time doorman, a laundry room as well as
an outdoor space concierge, as well as a live-in super, there is also bike storage
and a fitness center. Now, this one-bedroom apartment asking $1.2 million
is approximately $1,700 a square foot. Now,
let's hop over to the Upper West Side. This particular listing is an over-sized
one-bedroom co-op so not a condominium. We'll talk more about that in another
video, but this unit is asking approximately $950,000.
Now this building is a boutique pre-war cooperative building
and it is not full-service so don't expect your full-time doorman or cold
storage or concierge or fitness center as you would with that previous listing
in Flatiron but this is a great apartment particularly because it's a
co-op so it's less expensive it's quite spacious it's actually converted to a
quasi two-bedroom. There's a second sleeping area and
a windowed office so it's a very stately one-bedroom apartment. Now with coops, we
don't usually quote price per square foot because coops do not have official
square footage figures. However, this particular property if we were to do the
ballpark math is probably closer to a thousand dollars a square foot which is
significantly cheaper than the $1,700 a square foot figure for that premium new
construction condo in Flatiron. Up next is one of my favorite apartments. Now,
this is a classic starter apartment pre-war loft apartment in Park Slope
Brooklyn so think of tree-lined streets brownstones as far as the eye can see
and in the apartment itself, you have original white plank hardwood flooring
tall ceilings. As well as other nights pre-war details incredibly low
maintenance and this property is priced around $600,000. So if you think about it,
this property is less than half the price of that condo in Flatiron but many
people would actually prefer this apartment. It's in a quieter part of town,
it's beautiful, its historic and pre-war and it has a timeless charm that no new
construction can ever match and it can be yours for just $600,000. Even better,
the maintenance what you would pay on the property after you've paid off your
mortgage for example is just $370 a month, so
if you bought this property all cash you'd obviously not have a mortgage
payment and you would literally only have to pay $370
per month for your housing expense here in New York City. Up next is
a newer construction condo building in Chelsea.
Now, this one-bedroom apartment is fairly standard and cookie-cutter. It's a nice
condition because it's a newer building the property itself sold for $800,000
fairly. Recently, this is priced at $1, 550
a square foot so cheaper than the Flatiron condo that
we looked at but considerably more expensive than the Upper West Side
oversized one bed. Up next is another neighborhood in lower Manhattan.
Specifically, the Financial District. The Financial District currently is much
less expensive and pretty much every other neighborhood in lower Manhattan as
evidenced by this fairly nice one-bedroom condo which recently sold
for approximately a thousand dollars a square foot. Now, that is way less than
$1,150 PPSF in Chelsea or the $1,700 PPSF in Flatiron and heck
it's just about the same price as what you would pay for that co-op on the
Upper West Side which was considerably larger this particular apartment is 635
square feet and it's in a full-service building. Up next is a condo in
Greenpoint Brooklyn, now Greenpoint is a very popular up-and-coming neighborhood
in the western part of Brooklyn and this particular property recently sold for
approximately $980 PPSF. The recorded sale price: $590,000.
You may recall that we just showed you a condo in the financial
district of Manhattan that was priced at more or less the same price per square
foot, so it goes to show you that it's not always the case that properties in
Manhattan will be more expensive than properties in Brooklyn or other boroughs
for that matter so it really comes down to the particular neighborhood. Not
necessarily the borough as well as the type of property condo co-op and all of
the other factors we've started to talk about such as the type of building
pre-war post-war, the amenity levels, the carrying costs and the list goes on and
on. Our final apartment for today's video is property in the Lower East Side of
Manhattan, a very popular area and very pricey in today's market. Now, this 761
square foot condominium recently sold for approximately $1,500 a square foot
the sale price $1,150,000. This is a boutique new
construction development only a handful of years old and it has a moderate
number of apartments. The building is not full service but it has a nice roof deck
and it's on a great street in the Lower East Side of Manhattan so the price
point, very similarly priced to what we saw in Chelsea cheaper than in Flatiron
much more expensive as we'd expect than the financial district of Manhattan as
well as Greenpoint in Brooklyn. So we hope this gave you a flavor of what you
can buy, if you're looking for a one-bedroom apartment in New York City
we could show you hundreds and thousands of examples but we hope these view will
point you in the right direction and we wish you the best of luck on your search.
If you are looking to buy a place, we'd love to help you and help you
save money on your purchase through a house at buyer closing credit. Visit our
website www.hauseit.com to learn more and we hope to see you on the next one!