Many New Yorkers these days would love to settle near Central Park. However, there are reports saying that the prices of apartments sold around this famous New York part is getting more expensive. The prices have doubled in a period of only one year.
According to a research conducted by the PropertyShark.com firm, co-op buildings around Central Park are more expensive compared to other buildings in New York.These gaps started in 2008, wherein the real estate business crashed.
However, it cannot be denied that Central Park is a tourist destination and it definitely attracts a great number of both foreign and local people. Living near Central Park is what people want most. It’s like their dream. Well, they cannot be blamed for this. Who wouldn’t want to live in buildings located near Central Park? The demand for properties near or around Central Park is increasing, thus, it is just normal if the price go up too.
The report compared the sales of these apartments along Central Park, as well as the sales in the same ZIP codes. But the size of the properties is not taken into consideration. The results show that an average sale price for apartments on the park border is around $1.85 million in the previous year. On the other hand, the surrounding ZIP code sales as a whole are only around $850,000. These include both the West and the Upper East Sides. There is definitely a huge difference there.
The average co-op price is $2.4 million, while the surrounding ZIP codes are around $795,000. As they say, 2008 is a time when the properties are most expensive, with a differential of 233%.
But what makes the buildings around Central Park appealing to people? Why are the prices so expensive? Well, for a fact, the park is known internationally. Central Park is always associated with New York City. It is the heart of the city. A lot of people come and go, but Central Park buildings never run out of residents. These things provide big advantages, attracting more and more people each year.
However, there are some points missed here. They are forgetting the Aldyn and Rushmore located on the West Side of New York, as well as other areas. Both the locals and the tourists who make a purchase on the West Side prefer the river views and the fresh air, rather than living in the heart of the City.
According to an appraiser and the President of a company called Miller Samuel Inc., Jonathan Miller, in other countries, people are indeed willing to pay more where there are views over water, probably around a river or at a harbor. These are other factors that agents should take into consideration.
In general, the prices of the properties or houses around New York vary from one building to another. There are many factors affecting the prices of buildings. Most often than not, the view of the whole city is being considered by the aspiring buyers. Near Central Park or not, it would be great to live in New York City.