The work-from-home era, which has eliminated commutes for many office workers, also has more renters looking beyond expensive areas in the central part of Manhattan to Brooklyn and Queens, where space is more affordable, according to Nancy Wu, an economist at StreetEasy.
Outdoor Living
The first thing that buyers ask about these days is private outdoor space, according to Greg Kyroglou, a broker at Modern Spaces. One of his listings in Long Island City with a backyard has seen six times as much interest as a similar one just next door that doesn’t have outdoor access.
Outdoor Space
Michele Kleier, president of Kleier Residential, had a client who signed a contract to buy an apartment with a terrace for close to $7 million in Carnegie Hill without even seeing the property in person. The buyer was sick of quarantining indoors, Kleier said, and made an offer on the first day of the listing.
Sellers who can offer outdoor space are trying to take advantage of the moment. Sally Davis, who owns a condo at 220 Riverside Boulevard, listed her apartment last week for just under $3.5 million after months of delay due to the pandemic.
She thinks the wait played to her benefit: The condo has a freshly landscaped terrace.
“It seems to have worked out OK so far,” said Davis. “I just think I would probably have a better market right now.”
This article was provided by Bloomberg News.