Why The Value of Outdoor Spaces Has Increased by 20%
According to Barbara Fox who is the President and founder of the “Fox Residential Group,” outdoor spaces have become more and more desirable since the coronavirus pandemic. Fox also said that “Manhattan residents have appreciated the freedom that private outdoor spaces have provided during the lockdown, and the increased valuation is reflective of that. It has been historically priced at about 25-30 percent of the interior square footage, but we are now seeing valuations of approximately 40-50 percent.”
According to StreetEasy, searches for New York City rentals with outdoor space are up 270% since before the pandemic started. Additionally, apartments with terraces in Manhattan are selling for 5.4% more per square foot than those sold this year before the pandemic lockdown, according to data from appraiser Miller Samuel Inc.
Residents in Manhattan have appreciated the freedom that private outdoor spaces have provided during the quarantine. They give the ability to just take a breath of fresh air, as an auxiliary workspace, al fresco dining, exercise or just to relax outside of the confines of their apartment. For example, in the past thirty days prices have dropped on at least five hundred and eighty-five properties that include outdoor spaces, they represent 20% of the total.
130 East End Avenue
A $7,995,000 triple mint co-op property with a fancy wrap-around terrace with gorgeous views of the East River. This home is grabbing the attention of many house buyers and it is retaining its asking price.
515 West 52nd Street
Apartments with picturesque balconies that range from $2,369 to $9,615. Featuring one and two-bedroom apartments, this property is also pet friendly, including WiFi, two fitness centers, on-site washers/dryers, spacious floorplans, and best of all, outstanding views of Midtown Manhattan and the Hudson River.
Charlie West, 505 West 43rd Street, #PHG
Penthouse G is an impeccably designed and expansive 2,120 square foot 3 bedroom, 3 bath home with an amazing 746 square foot private terrace. Charlie West is a 16-story new development condominium that provides residents with an elevated, boutique lifestyle across 2 separate towers with only 5 units per floor and an exceptional amenity package. Beyond incredible price points, these luxurious residences boast efficient layouts, amazing natural light from floor-to-ceiling windows, high-end finishes, and private outdoor spaces complementing many.
45 East 7th Street, Residence 6C
Residence 6C is an incredibly bright, one of a kind, corner exposure 3-bed, 3-bath home with its own 157 SF private terrace. The home features amazing natural light from the South and East, perfect proportions, and the most ideal layout with 9’ living room ceilings and oversized, 7’ European designer windows. 45 East 7th Street is a landmarked new development building designed by Morris Adjmi featuring an exclusive collection of 21 luxurious residences, located at the center of Astor Place, the Village and Noho.
63 Wall Street
Located in the Financial District of New York City, with apartments containing multiple roomy balconies for everyone to enjoy. These apartments are the perfect combination of classic and modern. It is in a very well-known historical location in the city and it will give you the ultimate luxurious outdoor life.
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