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 is going to have four rather than two infographics. But keep in mind that 3 bed/2 bath stats are being heavily skewed by luxury new developments. So don’t be too discouraged by the pricing for those!
Now that we have three quarters’ worth of data under our belt, let’s get a visual on how median price and total monthly costs have shifted over time.
We’re seeing trends that are very similar to what happened with 2 bedroom units (check out that post in case you missed it).
Total monthly costs of ownership are either lower or on par with what we saw back in summer 2022. This is largely due to lower asking prices off setting higher interest rates.
But there is one category that’s seemingly bucking the trend – 3 bed/2 bath apartments in Brooklyn, which posted a huge increase. What gives?
The cause – inventory. During the month of April, more higher cost apartments came onto the market compared to the last couple of months. So that really pulled up the median list price. This illustrates another reason why it’s so important to look at the specifics of any given neighborhood and property type. High level numbers are helpful, but they don’t tell you a detailed story.
If you’re in the market for a 3 bedroom unit, then the buy signals are pretty strong if you’re okay with 1 bathroom. In both Manhattan and Brooklyn, the total monthly costs of ownership are on par with recent rents. It’s a bit less clear if you want a 3 bedroom unit with 2 bathrooms. That being said, it’s still worth looking, especially with rents showing no signs of coming down.
Want to see some specific listings in each area? Get in touch and I’ll send you a round up!
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