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, amenities, no amenities, new development – 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 has four rather than two infographics. But keep in mind that 3 bed/2 bath stats may be skewed by luxury new developments. So don’t be too discouraged by the pricing for those!
These numbers don’t look too far off the mark compared to what we saw for two bedrooms. But as you can see, interest rates can make a big difference in affordability.
Three bedrooms are typically priced higher than two bedrooms. But, where monthly maintenance/common charges are essentially equal, an interest rate of 6.55% compared to 7.00% results in an almost equal overall total monthly payment for a three bedroom apartment compared to a two bedroom apartment. Even with a higher purchase price. Wow, right?
In terms of price trends, an overall downward trend for the three bedroom segment of the market is evident.
In Manhattan, prices are notably lower for 3 bed/1 bath apartments. They’ve actually gone up since the last report for 3 bed/2 bath listings. But this may have been due to a big uptick in luxury sales during the month of November.
In Brooklyn, prices have likewise gone down for 3 bed/1 bath homes. But unlike Manhattan, prices also went down for 3 bed/2 bath homes. So if you’re looking for a larger apartment, this may be a signal that it’s time to resume your search in the new year!
Speaking of which…
If you want to see some specific listings in each area or get specific market stats, get in touch! You can contact me here.
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