Buying a home in New York City requires an especially large financial commitment these days — the median sale prices in Manhattan and Brooklyn both hit record highs ($1.25 million and $985,000) in the second quarter of 2022. So when buyers are willing to pay even more to live in apartments and buildings with added amenities, they’re probably looking for something specific.
A recent study by StreetEasy examined the prices of more than 55,000 StreetEasy listings that sold between June 2020 and early August 2022 to find how much of a premium buyers were willing to pay for particular amenities in otherwise comparable apartments and buildings.
The data was used to determine the effect that specific amenities had on closing prices in two price brackets — under $2.5 million (90 percent of sales), and $2.5 million or more.
Interest in particular perks grew during the pandemic, and these preferences showed in the results. In the lower price bracket, buyers valued flex space (for exercising, working and going to school from home). Refrigerated storage lockers, designed to keep grocery deliveries fresh, were important to buyers in the both brackets.
Among buyers under $2.5 million, in-unit laundry topped the list, and who could argue with paying extra for that? Buyers in the more expensive bracket, that’s who. According to the study, in-unit laundry added no measurable value for them. An explanation for this and other disparities in the lists could be that many buyers in the lower bracket think of things like laundry and en suite bathrooms as special features, while buyers in the higher bracket consider them standard features. For that kind of money, you’d expect a cherry on top.
Source: | This article originally belongs to Nytimes.com
