The Return Of The Two Bedroom Apartment

People in New York are buying two-bedroom apartments again.

After the housing crash of 2008, sales of one-bedroom apartments were the only things moving. Then three-bedroom apartments started moving.

Now we’re seeing two-bedrooms selling for about a million dollars each.

The New York Times reports:

AS the real estate market in New York City shuffles toward recovery, two-bedroom apartments have been the last to rejoin the party.

Sales of studios and one-bedrooms rebounded first after the market crashed in late 2008, followed by three-bedrooms, but it wasn’t until mid-2010 that the two-bedroom market started its comeback. Now, brokers say that the demand for smaller apartments has ebbed and that two-bedroom apartments are all the rage, especially those priced at the lower end of the market.

Alan Nickman, an executive vice president of Bellmarc Realty, says that more buyers have recently come to him looking for apartments between $750,000 and $1.2 million. “That’s basically your starter two-bedrooms,” Mr. Nickman said, adding that the pool of potential buyers included “first-time buyers who are going straight into a two-bedroom,” bypassing smaller units.

Jonathan J. Miller, the president of the appraisal firm Miller Samuel, said that the volume of sales for two-bedrooms was on pace to match last year’s figures, but that the inventory of two-bedrooms for sale was increasing more slowly. While overall inventory has grown by 13.4 percent since March 1, two-bedroom inventory grew the slowest, at 11.4 percent. “If inventory gets tighter,” he said, “that portends a more robust two-bedroom market for the year.”

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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