In today’s climate, speaking both literally and metaphorically, the word “eco-friendly” can have many definitions. For us at The Modern Agent, “eco-friendly” simply means doing our very best to live our lives with the littlest negative impact on our natural habitat. Just by considering small gestures in your everyday life you can easily make a positive impact on our environment and possibly influence others to do the same along the way.
When buying a home, there are many things one must consider—budget, neighborhood, architectural style, number of bathrooms. When buying a home in New York City though, there’s an additional layer of consideration that is a gray area for most homebuyers: what is the difference between a Condo or Co-op? Let’s dig in and clear up the confusion once and for all.
The good news: You've landed a job at Facebook, Google, Amazon, or Disney in New York City—major corporations that are snapping up big chunks of real estate for new offices here. Now for the bad—or at least challenging news: Unless you already live here, you're joining a wave of new tech workers looking for a place to live in a city that is in the middle of a housing crisis.
Over 25 percent of Manhattan’s newly built luxury condos remain unsold, and prices may have finally begun to adjust to that glut of units. According to a new StreetEasy report, luxury home prices, which constitute 20 percent of Manhattan real estate, dropped to their lowest levels since 2013 in the last quarter of 2019, $3,816,835, a 6.1 percent decrease from the prior year.
In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant. Such is the tale of two cities within America’s largest metro. Even as 80,000 people sleep in New York City’s shelters or on its streets, Manhattan residents have watched skinny condominium skyscrapers rise across the island. These colossal stalagmites initially transformed not only the city’s skyline but also the real-estate market for new homes. From 2011 to 2019, the average price of a newly listed condo in New York soared from $1.15 million to $3.77 million.
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