Prices of New York condos continues to rise
Most New Yorkers prefer to own condos these days rather than rent out apartments. This trend is being reflected in the price of condominiums. Recent surveys have indicated that the price of New York condos is continuing to rise.
According to a recent real estate report, the prices of all luxury New York condominiums have jumped substantially over the past few months. In fact, the survey reveals that the price of New York condominiums rose from $521,888 in the first quarter to $615,469 in the second quarter this year.
Not only have the prices of New York condominiums gone up but the volumes of condos being sold have also increased. Some real estate experts say that the volume of condos sold rose by 25 per cent in the first quarter of this year when compared to the same period last year.
The price of New York condos rose in all boroughs of New York. In fact, the price per square foot of condos on Manhattan's East Side ranged from $335 a square foot for a studio to $589 a square foot for a residence with five bedrooms or more.
The increasing popularity of New York condos is leading to more conversion of New York apartments into condominiums. More apartment owners are converting their apartment complexes into new condos. However, when considering such a condo, buyers need to look at the design of the common areas.
In the case of condo conversions, the common areas sometimes turn out to be dingy and not very beautiful. Individuals looking to buy units at condo conversion complex should consider the amount of time that they plan to spend in the common areas. They also need to consider if they like the design and the style of the common areas.
Among the different boroughs of New York, condos on the east side saw maximum gains. The media price per square foot of condos in this region is $ 625. The amount is a gain of 23 per cent over the same period the previous year.
