Studio 505N at 540 West 49th Street, available for $815,000 via Halstead
As anyone who lives in a studio apartment can tell you, it’s often the best–if not the only–way to live without a roommate in New York. But with developers finding it much more profitable to build large apartments, studio apartments may be heading to extinction. And those existing one-room units are seeing steep price increases as demand is outpacing supply.
As the Daily News reports, “Listings for new studios compose just 4% of the units in Manhattan — down from 15% in 2013… As of January, just 30 such apartments were on the market, compared with 161 in January 2012.” The median price for a new Manhattan studio rose over the past year to $930,000, a whopping 60 percent increase. Comparatively, the median price for a new one-bedroom unit rose 30 percent and for a two-bedroom home it dropped by 11 percent.
More on the real estate trend here
MNS has just released their 2014 report pointing to rental performance in the Manhattan and Brooklyn markets over past year. And as you’ve probably already guessed there are no surprises here—rents were up. Leading the charge in growth were Harlem where new luxury listings gave the area a major boost, and of course Brooklyn which continued see growth at remarkable rates, particularly with studio units which were up more than 20 percent in some nabes.
Find out more here
In the mid-2000s, when the real estate market was red hot with new developments, home seekers gave nary a thought to making what can be described as the biggest decision of their lives: Buying something sight unseen.
For them, traipsing through model apartments, checking out pretty renderings, gawking at miniature models, stroking teensy squares of countertop finishes, thumbing through shiny marketing materials filled with information on everything but the kitchen sink to make an actual purchase was par for the course. (Oh, wait! They did include the kitchen sink.) But then all that changed by late 2007 when the stock market took a nosedive. Not a single potential buyer would even consider a new place to hang their hats without actually standing inside a frameless glass shower stall, checking out the size of a Sub-Zero refrigerator or getting high from real-time views seen through floor-to-ceiling window—and developers took note.
But that was then and this is now, and with an improving economy and increasing demand, the tides seem to have turned once again.
Is buying off blueprint back in full force?