It is undeniable that the cost of living in New York sits among the highest in the country. And you don’t have to be an economist to guess that this meteoric cost of living will sooner than later reflect in the prices of property littering this Eastern Seaboard city and state. So it shouldn’t come as a surprise that NYC has a strong reputation for having tiny to standard-size apartment units going for top dollar, not to mention the $100+ million dollar condos. Recently, there have been a notable rise in the value of property in ‘formerly insignificant’ borough of Brooklyn area code. To top it all, the New York Real Estate market is riddled with a plethora of hidden costs that contribute more than a couple of thousands of dollars to the closing price of each home you come across.
It is for such reasons that reputable New York Real Estate sites come in handy to the prospective buyer.
Speaking of which, like any other part of the world, property prices vary sharply as you move from one neighbourhood to the other. And so do the additional accompanying charges.
Here’s a sneak peak on what it could cost you to buy a home in different parts of New York City.
a.) 232 West 123rd Street – Harlem
A typical brownstone in this area code asks for an average of $1.5 million. You also have to contend with a closing cost which encompasses miscellaneous bank and legal fees, title insurance costs, municipal searches, etc. that could push the price up by a $230,400 margin.
b.) 546 East 11th Street – East Village
An elegant two-bedroom apartment in this leafy part of the city goes for approximately $650,000. However, the closing costs are a little less compared 232 West and will only set you back by $4410.
c.) 4 Carroll Street – the Bronx
Bronx, NY is known for its better-than-decent housing structures, and this is clearly reflected in the prices of houses here. A one-bedroom suite here will typically go for about $600,000 inclusive of all additional and miscellaneous costs.
d.) 108 W 138th Street
Unlike in the Bronx, property here is a tad cheaper; though the residential value remains more or less the same. On average, two bedroom condos with two bathrooms measuring over 1000 sq. feet are usually up for grabs for just $600,000 inclusive of all additional costs.
This is just a quick primer of what it can cost you to settle down in the vicinity of the Big Apple. Keep it here for more info on this and the best property deals in the city.