The report identifies the added value of private outdoor space

November 29, 2021

Outdoor spacewhether private or communal, has always been a popular convenience in New York cooperatives and condos. the Coronavirus pandemic has made these spaces more precious than ever. Now, someone has figured out how much a private outdoor space adds value to an apartment.

A new report from Garrett derderian, director of market intelligence for SERVANT, reveals that before the pandemic, the median sale price of a Manhattan apartment with private outdoor space ($ 1.4 million) was 31% greater than a unit without private outdoor space ($ 1.1 million). After the lockdown ended in July 2020 and in-person screenings resumed, the commissioned upscale outdoor space in Manhattan has gone from 31% to 39%-Even though Manhattan apartment prices have generally fallen, Underground Brick reports.

Derderian compared sales from July 2018 to November 2019 (pre-containment) with those from July 2020 to November 2021 (post-containment). Only apartments with private outdoor space connected to the unit were considered; townhouses were excluded from the report.

Derderian believes outdoor space will continue to demand higher prices in the future, even as apartments without outdoor space start to recover with the return of iinternational buyers at the New York market. Boards of directors of cooperatives and condominiums in buildings with unused roofs or other outdoor spaces might want to consider transforming these spaces into community-friendly amenities.

It makes sense for shoppers to rethink the importance of outdoor space, given the dramatic experience of living in New York City during the height of the pandemic, when stepping out into public spaces felt unsafe and the outdoor space. private was becoming something like an exhaust valve. And with a new variant on the horizon and COVID-19[female[feminine with cases rising again, it doesn’t seem likely that the city – or the rest of the world – will return to pre-pandemic lifestyles anytime soon.

“As prices came down and discounts rose immediately after in-person screenings resumed, homes with private outdoor space have appreciated in value and have continued to do so as the wider market shrank. straightened out, ”Derderian said.

In the same way, Brooklyn condos and co-ops with outdoor space sold for more units without. Before the foreclosure, the median selling price of an apartment in Brooklyn with outdoor space was 14% higher than a place without. In the post-containment period, these units appreciated more compared to units without outdoor space, but not as much as Manhattan apartments.