Smaller units in NYC are selling like hotcakes: While top developers in NYC are building super luxury, large condo units as a way of recouping soaring land costs, smaller, more affordable units have become like gold dust. Buyers in 2012 of condos under 1000 sf who resold their units in the second half of last year saw a 37 percent gain on average.
The median sale price for existing condos in Manhattan jumped to a six-year high of $1.3 million in the first quarter, driven up by buyers seeking alternatives to out-of-reach new developments. Developers are not building these more affordable units, and that is desperately needed in this market.
Read the entire article at the Chicago Tribune.