Anecdotal New York City rent evidence:
Just scouring through the Village Voice classifieds I have noticed some pretty interesting rent drops. When I moved into Manhattan in 1999, the minimum price of a studio in a doorman building was $1,450. In 2000, $1450 was the price in just a simple walk-up and that same doorman building studio was going for $1600. 1 Bedrooms on West 96th St were going for about $1,800-2,000 MINIMUM. You can add $100 for every 10 blocks south of 96th St, and above 47th St. Therefore the minimum price of a 1 bedroom in midtown was about $2,400. My former roomate who moved out in 7/00, and an investment banker, lived in a 2 bedroom elevator building "steal" near Lincoln Center and was paying $2,800.
I am going to put peak rental prices in parantheses.
Today, on Dec 31, 2001 here are some sample listings from the same areas:
59th St W Vic Columbia Circle
LUXURIOUS DRMN 1BR $1949 ((($2700 peak price)))
Sauna,Pool,Gym,Views!!
BROKER 847-8426
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79TH ST/WEA ELEV STU $950 ((($1500 peak price)))
Prewar Rent Stab. Wood Floors
High Ceil Roomy Bthrm Jan 1 Occ
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102 ST W (B'way & Amsterdam)
Columbia U area. Students OK. Good size 1BR, elev bldg, large kitch, A/C'd $1400. ($1800+ peak price)
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60's W Save On Rent..Go To Paris!
DAZZLING ELEV 1BR $1495 ((($2000+ peak price)))
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60's/70's W Steps to Park
ELEV 2BR W/GYM $1895 ((($2,800+ peak price)))
24Hr Security,Has It All!!
Let me just say that this is a very noticeable drop. It was impossible to get a piece of sh!t 1 bedroom in a good part of Manhattan for under $2k back in 1999/2000. Now, some of these same apartments are going for under $1500. Apartments that were 3k are now 2k. One can get a studio for under 1k - and on West End Avenue for that matter. That was hard to do in 1997!
Oddly, it doesn't seem to have affected property prices that much...yet. I am seeing more and more deals and I think 2002 is the year of competitive price drops in New York City due to the discrepancy with rents. |
