In most markets outside of Manhattan, a $3 million home is far from a bargain. But as we have noted in a number of our posts this spring, the market in New York City is such that $3 million gives buyers a number of options. The uncertainty of international markets, combined with the tentative political environment, has interest in the luxury home market is waning.
So with so much inventory available, both on the ultra luxury side and below, buyers may have advantages that they did not have in prior years. In fact, an AM NewYork.com report highlighted several neighborhoods in Manhattan that have average home prices that are below the overall average of $2,907,105.
They include Harlem at $814,181; the East Village at $1,375,953; Turtle Bay at $1,769,159; Gramercy Park at $ 1,956,759; and Midtown West at $2,368,985.
These prices may lead some buyers to wait and see what the market does, but if they still keep you in the pursuit of a home, it is prudent to work with a skilled real estate attorney who can shepherd you through the process. Indeed, getting the best price on a home is important, but following the law as it pertains to required disclosures, proper maintenance and repair prior to a sale and having the correct assurances cannot be underestimated.
In the meantime, if you have questions about a home purchase, whether it is an apartment, co-op or condo, an experienced real estate attorney can advise you.
The preceding is not legal advice.