New York NY Condos & Apartments For Sale - 12273 Listings | Zillow (2024)

FAQs

Is it a good time to buy a condo in New York? ›

Yes, it's a good time to buy Manhattan property now if you are a cash buyer and especially if you plan to rent out the property. Properties on the market are negotiable while rents are at record levels. The price per sqft trend for Manhattan condos is stable appreciation in the long run.

The average sale price for a condo ranges from $785,333 for a studio apartment to $10,899,279 for 4+ bedroom apartments. Meanwhile, the average price per square foot ranges from $1,380 for a studio to $2,933 for 4+ bedroom apartments.

50% or more of the total price of the median Manhattan condominium—or $200+/ft2—is attributable to the zoning tax. For cooperative units the zoning tax is $110/ft2 for the median unit, and $182/ft2 at the mean. This translates into a tax of 25% and 48%, respectively.

Down Payments on NYC Co-ops

Most co-ops in New York City require that you put 20% of the purchase price as the down payment. This 20% is the standard rate that banks like to see when lending. By paying the full 20%, you may have an easier time getting a loan and you are less likely to have high interest rates.

Manhattan Condo Market's Key Metrics

The most recent Q2'2024 data from Miller Samuel shows average price per square foot for a Manhattan condo at $1,981. This is a 2.2 percent decrease compared to a year ago. Number of sales was at 1,152, a 5.7 percent increase from a year ago.

Condos are often more expensive but have lower monthly costs. Co-ops may cost a bit less upfront but have higher monthly payments and a tougher approval process. Condos also have looser rules on subletting than co-ops. Both have their appeal; which is best depends on what the buyer needs.

Condos and townhouses can be purchased with as little as 3.5% down, but 10% is the most common down payment amount. The closing costs on condos and townhouses can be considerably higher than a comparable co-op. The higher closing costs are tied to a higher mortgage recording tax and title insurance premiums.

Pros. Flexibility in Renting Out: Unlike many co-ops, condos generally allow owners to rent out their units without stringent restrictions. Straightforward Purchase Process: Buying a condo often involves fewer hoops than a co-op. There's typically no board interview and less intensive financial scrutiny.

What part of New York is least expensive? ›

Flatbush is one of the cheapest places to live in New York, where you won't have to compromise on location to save on rent. Located in the heart of Brooklyn, Flatbush offers wide and leafy streets, plenty of entertainment options, a multicultural environment, and a strong community.

As you can see, right off the bat you can save a boatload on rent by choosing to live in an outer borough like Queens or The Bronx, while Staten Island is the cheapest place to live in NYC when it comes to picking one of the five boroughs.

Up north, New York City, known for its bustling urban landscape and iconic skyline, also ranks high on our list of U.S. cities with over-the-top HOA fees. Homeowners in The Big Apple face an average HOA fee of $679.40.

Community and amenities.

Condo owners participate in the maintenance of the common areas via the homeowners' association (HOA), so these common areas tend to be kept up nicely. Condo buildings sometimes also have more luxury amenities than apartments, including onsite parking, pools, gyms, or tennis courts.

What Are the Average Common Charges for a NYC Condo? Average condo fees sit somewhere between three hundred to four hundred dollars, according to CondoManagerUSA. However, these charges can be as low as fifty and as high as around one thousand dollars.

In Southern California, you may want to consider buying a townhome or condo if you're building a portfolio of rental properties. Because the rental market is hot — and projected to remain so for the foreseeable future — you may be able to enjoy positive cash flow while the property's value appreciates.

Predictions for 2024

The California Association of Realtors (C.A.R.) foresees a comeback, with dwindling mortgage rates and more houses hitting the market. They predict a surge in home sales by 22.9% and a 6.2% rise in the median home price for 2024.

Historically during an upturn, Manhattan condo price appreciation ranges from 7 percent to 15 percent per year. During a downturn, the decline ranged from 4 to 10 percent. The price stability is driven by inflation and demand coming from population growth and investors wanting a piece of this magnificent island.