Condo-buying boom in New York suburbs


NEW YORK: 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 favoured 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 US$500,000 to US$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 US$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 US$1mil or more, up from just eight in that price range a year earlier. — Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

CPO futures trading to remain range bound next week
Advisory panel unanimously recommends FDA authorize Johnson & Johnson COVID-19 vaccine
GameStop rally fizzles; shares still register 151% weekly gain
NYSE begins move to delist Chinese state oil producer CNOOC
Oil price drops on US$ strength and OPEC+ supply expectations
GLOBAL MARKETS-Globals stock slide on inflation fears
AMMB says it has enough capital to absorb 1MDB global settlement�
A five-year high for FGV Holdings
AMMB to pay RM2.83bil to the government
IHH to take proactive measures

Stories You'll Enjoy


Vouchers