Monthly Archives: August 2015

Greenwich Village Condos for Sale – Two Bedroom Condominiums

Greenwich Village Condos for Sale – Two Bedroom Condominiums

If you have been looking for a Two Bedroom Condominium recently in the Greenwich Village neighborhood I’m sure you have been increasingly frustrated waiting for new inventory to come on the market and then when something does happen to come available in your price range it becomes a fierce bidding war for the best properties.
As of late August 2015, within the neighborhood of Greenwich Village, we are tracking just Six (6) Different Two Bedroom Condominiums on the market for sale.  And of those Six, three of them are in new construction condominiums and the other apartments are what we would describe as being in the Noho neighborhood, not within the traditional Greenwich Village border.
For a Two Bedroom Condo buyer looking to be in or around the Greenwich Village neighborhood, you have two routes the resale inventory or the new construction condominiums.

If you are interested in a new construction condominium, there are a few different buildings that have two bedroom inventory including the Greenwich Lane Condominiums and 37 East 12th Street, however the price point begins at approximately $5,500,000 and can go up to close to $10,000 for the larger apartments.

So if you see yourself looking at the resale condominiums, this is the segment where most buyers are looking because of the price range and typically more options to choose from.
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Here is a breakdown of the activity since the beginning of 2015:
We tracked 16 Closed Sales.  A price range of $1,325,000 up to $4,995,000.  With a price per square foot around $2,000 depending on the type of building.  The median price point is essentially $3,000,000.
16 Closed Sales is simply a very low total volume of transactions.  This isn’t because of a lack of demand it’s simply a lack of inventory being put on the market.
Why such a big difference in price range? There are a handful of sales between $1,325,000 and $1,750,000 that are really Convertible Two Bedrooms.  Essentially a one bedroom with a dining alcove was converted to a 2nd bedroom.  There is a lot of demand for this entry level style of two bedroom because for a true two bedroom, most of the sales are occurring at $3,000,000.

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So if you are looking for a two bedroom condominium in Greenwich Village, you can expect the price point to start around $2,500,000. 

What should you do if you are interested in a Two Bedroom Condominium in Greenwich Village?
Our advice is that because of the lack of quality inventory, you are going to see very strong interest once it comes on the market.  There could be multiple offers, there could be lots of people at the first open house.
1.Educate Yourself on what the market prices are going to be for what you are looking for?
Too often people come in looking in the rear view mirror of what sold last year or what is selling in a different neighborhood trying to get an apartment for a price that is just not reasonable. When you have so little inventory in such a high demand neighborhood as Greenwich Village you can expect premium pricing.
The Petersfield Condominium at 115 Fourth Avenue
2. Get Your Financing in Place and Attorney Ready
If you want to secure an apartment quickly, the owner will want to know you are capable of going through with the transaction.  Whether you are paying ALL CASH or you need a mortgage, you need to come prepared.  Also having your attorney picked out before you make the offer will help speed along the process giving you the ability to sign the contract as quickly as possible.
3. Once an Apartment comes on the Market, Act Quickly! Try to see it as soon as possible, make yourself available to the time the seller agent says works best to see the apartment.

If you are ready to start your search for a Two Bedroom Condominium for Sale in Greenwich Village, contact us (917)837-8869, we can discuss any questions you may have, and current availability on the market so you can find the perfect one for you without much of stress.

Other related Greenwich Village New York blog posts:

Greenwich village pre-war condos:
Where is Greenwich Village New York:
Greenwich Village Studio and One bedroom Market Report Aug 2015

Greenwich Village Condos for Sale – Part 1 Studio and 1 Bedroom Condos : 2015 Edition

Greenwich Village Condos for Sale – Part 1 Studio and 1 Bedroom Condos : 2015 Edition

Greenwich Village Condos for Sale – Part 1 Studio and 1 Bedroom Condos

If you just started looking for a studio or 1 bedroom condo for sale in the Greenwich Village neighborhood in Manhattan, we will be candid to tell you that it will not be the most straight forward home search.  This Greenwich Village segment of the Real Estate market here in Manhattan that is one of the most highly sought after and competitive area’s of the market.  As we begin to work together, you will discover that there is extremely limited amount of inventory to choose with way more buyers demand than there is supply. We recently wrote a blog post about Two Bedroom Condo market in Greenwich Village, You can read it by click here (http://manhattannycondosforsale.com/greenwich-village-condos-for-sale-two-bedroom-condominiums/)

The Greenwich Village neighborhood is one of the most well established, highly desired, historically significant, easy to live in neighborhoods in Manhattan.  You always hear the saying that in Real Estate, location is everything.  When you are talking about Manhattan downtown Real Estate, they are most likely talking about Greenwich Village.  Greenwich Village is at the epicenter of some of New York City’s finest and most populous universities.  Students from all over the world and country attending to New York University, NYU Law School or the Stern School of Business, or Parson’s School of Design, all of these students and their parents look for housing in or around the Greenwich Village neighborhood and even more specifically they look for studio and 1 bedroom condominiums.

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The reason why all of these universities play a pivotal role in the studio and 1 bedroom condominium market in Greenwich Village is because there are a lot of parents buying for children to live in a studio or 1 bedroom condo while they go to school in New York. Many investor buyers that we work with also look for studio and one bedroom condo in Greenwich village because they know there is a high rental demand as well.  This type of purchase makes a lot of sense as the university provides a steady stream of demand side.

The desirability of Greenwich Village is multi-faceted, we often hear that people want that authentic New York City living experience, the tree-lined streets, pre-war architecture, walk to your favorite coffee shop or dinner spot.  Greenwich Village has all of those characteristics.  Many people want to live in Greenwich Village because its simply a fantastic neighborhood, there are a lot of people looking at the purchase as an owner occupied long term buy.  Even though we talk about the demand side of university students, we also work with people looking to buy and use the apartment as their primary residence or a second home or pied a terre when they are in Manhattan.

This describes the demand side of the equation for the Studio and 1 Bedroom condominium market in Greenwich Village, the other side is the supply side, what is actually available and this is a very strategic part of your search as well.  We wrote a similar blog to this one, back in September of 2010, nearly 5 years to the date, how time flys! In retrospect, anybody who bought in 2010 has scene a tremendous return on the equity of their purchase.  Back in September of 2010, we tracked Eight different studio or 1 bedroom condominiums being on the market for sale and the entry level pricing for a studio at the time was $575,000 and for a 1 bedroom condominium was $895,000.

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Fast forward 5 years, the entry level pricing for a studio condominium in the same building(184 Thompson Street) as before is now asking $765,000, a 33% increase in price! We are curious in another 5 years, in 2020 when we do this report again what the price point will be?

Taking a snapshot at today’s inventory, we only see 6 One Bedroom Condominium Apartments for Sale within Greenwich Village and the price range is from $1,650,000-$3,650,000.  Not a lot to choose from with a significant increase in the entry price point now for a 1 Bedroom Condominium.

Looking at Closed Sales for One Bedrooms in 2015, it looks like the lowest priced one bedrooms are now at $1,300,000 with an average price per sq ft around $1700 sq/ft.  Back in 2010, the price per square foot was around $1100-1200 sq/ft.

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So what is the difference in the price range, why does it go from $1,300,000 all the way up to $3,500,000 for a One Bedroom Condominium?

In Greenwich Village, you have a variety of styles of building, first being the doorman condominium versus no-doorman condominium.  No doorman is fairly self explanatory and these buildings tend to have the lower priced point apartments.  then within the doorman category, we track the postwar condominiums vs the pre-war condominiums and then the new construction condominiums in Greenwich Village at the time of the price pyramid.

The postwar buildings do not have all of the architectural details and historical significance that the pre-war condominiums do.  And the new construction condominiums tend to have a pre-war aesthetic built out with today’s luxury standards.

A very important factor in the supply of studios and one bedroom condominiums in Greenwich Village is also impacted by the very fact that there are just simply not that many condominium buildings.  The vast majority of the buildings in the neighborhood are co-operatives or rentals.  So you simply have a constrained inventory to choose from and it’s very difficult to add new condominiums into the marketplace, as development sites and building restrictions make new projects very rare.

The rarity of new construction is one of the reasons why that segment of the condominium marketplace is priced at a premium.  New condominiums being built at the Greenwich Lane on 12th Street, or the boutique new developments such as 12 East 13th Street or 17 East 12th Street have sold very well, and typically the apartments are bigger in size with very few if any 1 bedroom or studio condominiums.

So what to do if you are looking for a studio or 1 bedroom condominium?

To sum it up,  there is a ton of demand for them and basically not a lot available regardless of the high price point.

We’ve helped and continue to help many buyers who want to buy a condo in Greenwich Village, one of our first pieces of advice is to have an open mind.

Open mind, in that your budget will instantly dictate what is available for sale and second that you should be open minded to possibly look outside the Greenwich Village neighborhood.  Looking in certain parts of Chelsea, or certain parts of the West Village or the Flat Iron District may offer a bit more apartment for the money.

If you are ready to start your search, call us directly today at (917) 837-8869 or email at (Morgan.Evans@Elliman.com)

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To read other relevant blog posts click links below:

Greenwich Village Condos for Sale – What Can You Buy for Under $1,000,000?

Greenwich Village Condos for Sale – Two Bedroom condos

http://manhattannycondosforsale.com/condos-near-nyu-new-york-university/

http://manhattannycondosforsale.com/foreigner-buy-nyc-condos/

http://manhattannycondosforsale.com/what-nyc-neighborhoods-are-good-to-invest/

 

Top Condos Near NYU New York University

Top Condos Near NYU New York University

Are you looking to buy or rent a condominium near NYU in Manhattan? You’ve come to the right place, we will educate you on the process and explain to you our unique Manhattan New York Real Estate market. We have helped many parents buying for son or daughter that is going to be going to NYU or currently attending NYU in finding the right condo for them.

First things first, when we are talking about NYU, we are focusing on the main New York University campus in Greenwich Village.  Within the main campus you will also find the NYU Stern School of Business and NYU Law School.

For those of you looking for condominiums near NYU School of Medicine or the NYU College of Dentistry take a look here. Or click on this link: http://manhattannycondosforsale.com/condos-near-svathe-school-of-visual-arts/ (the School of Visual Art, SVA, is also in the same area as NYU Medicine school and NYU College of Dentistry)

If you are looking to buy a condominium near NYU here is a list of things you must know:

1. Most of the property surrounding NYU is either rental buildings or Cooperative buildings, there are very few condominium buildings that you can purchase in.  Meaning, expect a limited amount of inventory. There is very unique difference between a condo and a coop, this is a must know if you are looking to purchase for your son or daughter. To read more about the difference, you can click on the explanation link below.

(http://manhattannycondosforsale.com/manhattan-new-york-buyer-guide-part-1-know-the-housing-product/)

The reason why a condominium building is much more preferred than a Co-operative is because condominium provides real ownership and much more flexibility and ease of purchase. To learn more about condominium owner versus cooperative ownership click here:

 

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2. The main NYU campus is found in the Greenwich Village neighborhood, however there are other wonderful Manhattan New York Downtown neighborhoods within very short commutes to the campus.  Meaning it’s worthwhile to look in the West Village, the East Village, parts of Soho, the Flatiron neighborhood and even Gramercy and Chelsea.

There are a lot of surrounding neighborhoods by the school that are fairly close, just depending on how close you want to be.

3. What is your timeline? The purchase process for a condominium even if you are an all cash buyer, can take 30-45 days once you sign a contract for sale.  If you are financing, add on additional 60-90 days at the very least.

This means if you are looking to close before school starts you will need to probably start looking 60 days prior to give you a chance to move in before school.

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4. Condos near NYU are highly sought after, and the price reflects this.  Greenwich Village is one of the most desired neighborhoods in Manhattan and for good reason, extremely well positioned, a combination of historic value with neighborhood amenities, demand coming from both buyers who love the neighborhood and for buyers who are purchasing to just be close to the multiple university campus’s that are found within it’s borders.

We are experienced Real Estate agents who focus on the condominium sales market, we also work with many parents like yourself looking to purchase a condo for the son or daughter. If you are ready to start your search or simply want an idea of what condominiums are currently available near the NYU campus, call us at (917)837-8869 and we can discuss what your needs are and make recommendation to you.