realestate

New York City Real Estate Transformed by the Pandemic Era

New York City Real Estate Agents Weigh in on Post-Pandemic Buyer Preferences Shifts.

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four-story Carnegie Hill brownstone at 171 East 94th Street is listed with Diane Johnson of Douglas Elliman for $6.1 million. Manhattan real estate agents share how buyer preferences have shifted in the post-pandemic era.

    Mallory Bogard notes that while buyers initially prioritized private outdoor space, they're now comfortable with shared areas or smaller private spaces to meet their needs. Kitchen storage is crucial, and people want dedicated space for cooking and entertaining. The return of city dwellers who bought outside NYC during the pandemic is also a trend. Many are seeking multi-generational living arrangements, such as condos with additional studio units or townhouses that can accommodate family members.

    Julia Boland says cautious buyers are opting for properties requiring little to no renovation due to supply chain issues and inflation. They prioritize space for home offices, in-unit washer dryers, pet-friendliness, and access to the outdoors. Co-ops with high cash requirements have suffered, leading some buildings to revisit their financing options.

    Bahar Tavakolian sees buyers valuing location, space, condition, and outdoor access over other factors. Square footage is a premium amenity due to remote work arrangements, and dedicated home offices are essential. Move-in-ready properties are in high demand due to construction timelines and rising renovation costs. Outdoor spaces have increased in value, with private terraces or balconies commanding premiums.

    Diane Johnson notes that Manhattan's real estate market has seen significant shifts, with a focus on apartment functionality. Buyers want larger living spaces with multiple bedrooms for home offices and prioritize move-in-ready homes. The typical life cycle of an NYC apartment is about five years, and many buyers are re-engaging in the market due to low interest rates and a resurgence in transactions.

    Jessica Cohen says proximity to parking has become a priority for buyers, particularly in neighborhoods like the Upper East Side and Tribeca where garages have waiting lists. Designated home workspaces are now a necessity, and pet-friendly buildings and in-unit washer/dryers are highly sought after due to the pandemic's impact on lifestyle habits.

New York City real estate transformed by pandemic era changes downtown.