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
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Wall St set to open sharply higher after softer-than-expected CPI data
Fed now seen delivering 50 bps hike in Sept after inflation eases
US inflation decelerates more than forecast on gas price drop
Bursa Malaysia invites feedback on proposed transfer of listing framework
Ranhill Utilities gets 4-year PPA extension for solar project
Agmo's IPO oversubscribed 120.15 times
MyCC proposes RM46.36mil financial penalty on PPB's FFM
KPower receives approval for mixed housing project
Ringgit ends marginally higher against US dollar
Swift Haulage acquires Singapore-based Watt Wah Petroleum for RM5.17mil

Others Also Read