Greenwich Village Apartments for Sale – One Bedroom and Studio Condominiums Spring 2013 Report

Greenwich Village Apartments for Sale – Studio and One Bedroom Condos May 2013

Are you looking  for a Studio or One bedroom Greenwich Village Apartment for Sale? Let us help you by answering these three main questions.WashingtonSq

  1. What is currently for sale in the market?
  2. What have these types of apartments been selling for?
  3. How do I go about buying one?

First I’d like to date stamp this discussion as we’ve discussed this topic before and as everybody knows real estate is all about having the most up-to-date information, currently we are in the May 2013 Spring Sales Market in New York City.

1. What is currently for sale in the Studio and One Bedroom Category in the Greenwich Village Neighborhood in New York City?

The Studio and One (1) Bedroom Condos for Sale in Greenwich Village is one of the most desired and fought over segments of the market.  it is like a perfect storm of factors creating mass demand with very little supply, including the proximity of New York University and other universities, few condominium buildings within the neighborhood and very few new construction projects adding inventory in the foreseeable future.  The outcome is that we consistently see bidding wars for the best studio’s and one bedroom condos to come available in Greenwich Village.

  • I see Eleven (11)different Greenwich Village Studio and One bedroom Condominiums for sale right now
  • Price ranges from $689.000 for an alcove studio at the Georgetown Plaza(A very good buy in my opinion) up to $2,295,000 for a One Bedroom at the Devonshire House
  • The lowest priced one bedroom is available at 44 East 12th Street asking $799,000(Another very well priced apartment)

   2. How much have Studio and One Bedroom Condos been Selling for in Greenwich Village?

  • I see 17 apartments currently in contract, price range of $610,000 for a studio at 184 Thompson Street up to $2,175,000 for a One Bedroom at the Devonshire House
  • Many of these apartments went into contract within less than 7 days of coming on the market
  • Since the beginning of 2013, I track approximately 20 closed sales in the Studio and One Bedroom category with an average price per square foot of over $140 sq ft.
  • Keep in mind that pricing depends a lot on the specific type of apartment.  If you are looking for a pre-war condominium the price point typically starts around $1500-$2000 sq ft, or if you want a new construction condominium expect $2000 sq/ft and up.
  • Take a look at an article we wrote back in 2010 about Greenwich Village Apartments for Sale and see how pricing has changed, the pricing was in the $1100-$1200 sq ft range back then. This is a very prime neighborhood and these are entry level apartments, with little supply coming on the market its a smart assumption to make that pricing will continue to increase.

3. Are you looking for a One Bedroom or Studio Condominium for Sale in Greenwich Village?

We have two main pieces of advice, first be open minded about pricing.  Condos for sale in Greenwich Village, the West Village and the East Village are going to be more expensive than something in other Manhattan neighborhoods.  We are typically asked why can I find a studio for $500,000 in Midtown West or the the Upper East Side but not in Greenwich Village? The answer is simple, it just doesn’t typically exist, the demand outweighs the supply and the pricing increases because of that relationship.

The second piece of advice is that once you are in the market and have seen some properties you have to move quickly.  Moving quickly means a number of things. Have your financing in place, have your cash ready, have an attorney ready to handle contracts, you will have to make an offer quickly and negotiate quickly.  If it comes down to a multiple offer situation, sellers obviously favor the highest price, but they also consider who is easy to work with.  Which buyer has the least amount of obstacles to close, meaning who doesn’t need financing, who has a Manhattan experienced attorney, who  comes across as easy to work with.

Are you ready to find out about what’s for sale in Greenwich Village, then give me a call to discuss what it is you are looking for. I can be reached at (917) 837-8869 . 

This is a segment of the market we specialize in and we know depending on your budget and goals what buildings will work best for you.  Often buyers looking for condos for sale in Greenwich Village will also look in the Meatpacking District or the West Village or in the Union Square neighborhood.

If you are looking for a Greenwich Village Apartments for Sale Studios and 1 Bedroom Condos and  would like to contact me, call me at (917) 837-8869 or email at morgan.evans (at) elliman.com
Copyright © by Morgan Evans 2013 **Greenwich Village Apartments for Sale – One Bedroom and Studio Condominium Spring 2013 Report**

All information is deemed reliable but is not guaranteed.

 

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