The real estate market is always an interesting one. Anyone who owns a house knows how finicky property values can be. Most people try to get the most bang for the buck and will purchase a home based on two main criteria. The first being that they may opt for a house in a less appealing area so that they can have the square footage they need and renovate to make it more like their dream home. The second is the old adage of “Location! Location! Location!” meaning, they’ll pay a little more for a smaller space because there’s room for the property value to truly become an investment.
While Florida and Texas are two places where the property values vary tremendously based on which part of the state you decide to lay down your roots, California and New York typically fall into the higher-value category across the board. Simply put – the price tag is usually higher in these two opposite coast meccas.
New York City is particularly expensive in general. There are tons of tales about someone from the Midwest finding an apartment online for an exorbitant amount of money to find when they arrive a space no bigger than their mom’s kitchen pantry in Ohio. Many Millenials and younger couples are opting for a house in Long Island or an apartment in Jersey and commute to work in The Big Apple.
Even places in less-desirable neighborhoods like Hell’s Kitchen are astronomically priced. One seller, Daniel Neiditch, has had his apartment at the Atelier condominium tower for sale for five years. You’re probably thinking he’s asking a pretty penny for it if it’s been on the market that long. Guess what? You’re right! The apartment at 42nd St. and 12th Ave. in Manhattan is listed at $85 million. However, he’s thrown some perks in to sweeten the deal.