Manhattan is the area where professional business men and women go to advance their careers and earn high incomes. For this reason, property for sale in Manhattan isn’t cheap. However, this hasn’t stopped a property boom from happening all over the city, especially in the upper east side and upper west side where neighborhoods are desirable and crime is low.
If you watch any of the popular New York City real estate television shows, then you may believe that unless you can walk in and hand a broker millions of dollars, you have no shot at living in Manhattan. While you will need quite a bit of money and possibly hefty financing, it is possible for a family or a couple to find a place in Manhattan.
Real Estate Prices Fluctuate
Manhattan is no different from any other city when it comes to real estate prices. The cost of purchasing a property in Manhattan goes up and down with economic changes. The average condo or apartment for sale in Manhattan will cost at least a few hundred thousand dollars, usually pushing the half a million mark, and continue to rise from there. Penthouse properties are in the upper millions, especially those in newly renovated or built buildings.
As the economy improves, and demand for real estate increases, prices can rise drastically in just a few short months. Builders with property for sale in Manhattan can raise or lower prices depending on supply and demand, but newer buildings are often selling out half of the units based simply on the designs of the floor plans.
Additional Costs Associated with Property Purchase
When you look at property for sale in Manhattan area, you need to consider more than just the purchase price. Community fees are monthly fees you pay to the condo board to help cover the costs of amenities like a swimming pool, children’s room, spa, and concierge services. You will also have your annual taxes, so make sure to inquire how much the taxes are for the building. Depending on the building you choose, you may have additional fees for parking, storage, or pet ownership. All of these costs, plus the purchase price, are what it actually costs to live, work, and play in Manhattan.