GROWING DEMAND FOR TWO-BEDROOM APARTMENTS HAS THEIR PRICES RISING
After a lull that has lasted for more than a year, two-bedrooms are back.
The market share for two-bedrooms first dipped under 30 percent in early 2009, with smaller and larger apartments gobbling up more of the sales, according to data compiled by Jonathan J. Miller, the president of the appraisal firm Miller Samuel and a market analyst for Prudential Douglas Elliman. But in recent months, that percentage has climbed back up to 39 percent.
The median in Manhattan dropped 20 percent, from a high of $1.6 million, in 2008, to $1.272 million in 2009, according to the data. It has since inched back to $1.3 million.
SELLERS AND BROKERS ARE KNOWN TO MISREPRESENT BEDROOMS, SQUARE FOOTAGE, BUILDING POLICIES AND NOISE
Sometimes sellers and their brokers get things wrong or even flat-out lie to the other side, and New York, says real-estate attorney Jerry Feeney, is “a buyer-beware state.” (Brokers’ websites include fine print disclaiming responsibility for errors.)
If you have even a slight suspicion, (more…)