Welcome back to my series “How Much Does It Cost to Own”!
Each month, we’ll be looking at different sized apartments to get a sense of what the “median” apartment in either Manhattan or Brooklyn would cost. Over time, as we loop through each property type, we’ll start to be able to see if prices are trending upwards or downwards. But most importantly, this series should give you an idea of whether or not you’re in the “ballpark” for the kind of apartment you might want!
Keep in mind that these figures represent the median for all building types. So coops, condos, walkups, elevators, doorman and non-doorman, full amenities, no amenities – they’re all looped in together.
So let’s turn our attention this month to 3 bedrooms! Like 2 bedroom apartments, this one requires some special additional notes.
Next to 2 bedrooms, 3 bedroom properties are some of the most in demand properties in the city (and sometimes even in more demand, depending on the area). But they also have wide variations in pricing due to differences in square footage and bathroom counts.
So for that reason, this edition is going to have four rather than two infographics. But keep in mind that 3 bed/2 bath stats are heavily skewed by luxury new developments. So don’t be discouraged by the pricing for those!
If you saw last month’s numbers for 2 bedrooms, you might be a bit perplexed about this month’s numbers for 3 bedrooms. Especially in Brooklyn! The median for a 3 bed/2 bath apartment was lower than it was for a 2 bed/2 bath.
How on earth is this possible?
Month to month, the mix of inventory available in the city changes. One month, you could have a higher number of listings in luxury buildings. And the next month, a higher number of listings in low amenity buildings or walk-ups. The amount of amenities determines what kind of monthly costs (maintenance or common charges) will be associated with the apartment. So, the difference in the types of listings available will impact the “all in” prices that you see for any given month. That’s why it’s important to look at trends over time, rather than focusing on a snapshot of just one moment in time.
Want to see some specific listings in each area? Get in touch and I’ll send you a round up!
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