Tags: new york | suburbs | condo buying | boom | houses | pricey

New York Suburbs See Condo-Buying Boom as Houses Get Too Pricey

New York Suburbs See Condo-Buying Boom as Houses Get Too Pricey
(Sean Pavone/Dreamstime)

Wednesday, 02 December 2020 08:48 AM

The homebuying boom in New York’s suburbs is spreading to condos.

Demand for single-family houses is still surging as the pandemic sends city-dwellers to the leafier outskirts in search of more space. While competition mounts for a dwindling supply of such properties, pushing prices out of reach, more buyers are taking a second look at apartments.

They’re joined by empty-nesters who sold their suburban spreads and now have the cash in hand to find a smaller place nearby, according to Jonathan Miller, president of appraiser Miller Samuel Inc.

“Affordability is a challenge, and with record prices being set, condo becomes a competitor again,” Miller said in an interview.

Today’s low mortgage rates might have given shoppers an extra push toward condos, a relatively lower-priced choice that’s less likely to require a jumbo loan, Miller said.

In Greenwich, the Connecticut town famous for its mansions favored by Wall Street’s elite, contracts to buy condos more than tripled in November from a year earlier to 25, according to a report Wednesday by Miller Samuel and brokerage Douglas Elliman Real Estate. A majority of those deals were priced from $500,000 to $999,000.

Condo contracts also jumped in New York’s Westchester County, by 24%. On Long Island, excluding the Hamptons and the North Fork, they rose 6.5%. A majority of the transactions in both locations were priced below $500,000, the firms said.

Even high-end buyers found condos attractive last month. On Long Island, there were 16 deals to buy apartments for $1 million or more, up from just eight in that price range a year earlier.

In Greenwich, there were three contracts for condos priced at $2 million to $3.99 million.

“The pattern is contrary to the assumption that single-family homes are all that matter,” Miller said.

© Copyright 2021 Bloomberg News. All rights reserved.


   
1Like our page
2Share
Personal-Finance
The homebuying boom in New York's suburbs is spreading to condos.Demand for single-family houses is still surging as the pandemic sends city-dwellers to the leafier outskirts in search of more space. While competition mounts for a dwindling supply of such properties,...
new york, suburbs, condo buying, boom, houses, pricey
293
2020-48-02
Wednesday, 02 December 2020 08:48 AM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved