The open spaces in New York are getting crazy attention compared to previous months. Whether it’s for sale or for rent, the situation remains the same. The terrace or however an open space has an added value. Equal to 5% more.
For this reason, we at Realigro have decided to follow this innovative trend, trying to analyze its dimensions. So, are you ready to make a direct flight to New York ? Then, if the answer is positive, we can start !
The largest city in the United States has recently been in the spotlight. Due to the pandemic emergency, it is known that the authorities have decided to apply restrictive measures to combat this crisis. Therefore, as has emerged from previous guides, the need to create open spaces in which to live has been evident.
But the main question is this: after the Covid emergency, what is the total cost of a property with open spaces in New York City?
To answer this question, we relied on experts in the field.
What are the results of the statistical surveys ? The data speak for themselves. For an apartment in Manhattan, the increase generated by the presence of a terrace is 5.4% more. Compared to all properties sold in the same neighborhood.
In spite of everything, it is well known that prices in general increased by 1% in June.
What are the potential buyers asking ? Open spaces to devote to hobbies, to relax or simply to spend time outdoors. It should also be remembered that the culture of green spaces was born in America in the 1700’s but not as a protection of nature, but as the creation of a non-existent cultural heritage. Therefore, the appreciation of green spaces is inherent in the American mentality.
Now let’s see how the main neighborhoods are configured. Brooklyn and Manhattan have a demand for apartments with a 33% increase if they have outdoor space. In detail, if we talk about rents, the increase is on average 4 thousand dollars. So, in different markets in Chicago, owners can get a maximum increase of $300 per month for a space outside the house.
In short, it seems that the pandemic has at least marked a turning point in the real estate market. An important change, destined to remain indelible in human history.
Obviously the change in price also depends on the location of the property that, of course, assumes a different value.
In conclusion, we cannot say exactly how long this fashion will continue. But it is certain that it has marked an important moment for society. A greater awareness of the need to live in contact with nature. To carve out spaces far from the city and more isolated. In short, small corners of paradise.
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