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.
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.”