$2,064,182
General Property
$3,656,496
Terraced Property Price
Manhattan Terrace Property Market ReportThe average price of a terraced home is 55.67% more than a property without

Most of us would like to take a Mulligan for 2020. Globally it started bad and went downhill from there. As our lives took a pause, so did the real estate market for terraced homes in Manhattan. In Q2 alone, traditionally the best Quarter for selling a terraced home, 2020 sales were just 55 units (barely 1/3 of 2019’s 152 transactions) However, by Q4 sales started to rebound somewhat with 115 closings against 121 in Q4 20. Overall 342 terraced homes traded hands in 2020, a 36% off from ’19. This mirrors the 35% dip in total sales of coops and condos in the city. However, where the average at price of all sales stayed steady around $ 2,060,000, the average price of terraced home’s transactions came off 14% to $3,656,496 ($4,296,500 in 2019). This still puts the average value of a terraced home 77% above the average home sold in 2020. At an average of $1,695,000 co-ops, representing 42% of all terraced home sales, sold at a whopping 112% premium over the overall average of $ 824,509. While in condos that difference was a slightly more modest 58%. Increase. These stats point to the biggest difference between 2019/2020; aside from the smaller sales volume, fewer large condos in new developments were closed, and owners of larger terraced home were less likely to jump on the COVID migration, as they already had access to coveted direct access to outdoor space. With prices, and interest rates still low, the buying interest is tarting

Upper West SideUpper East SideDowntownMidtown
Overall Sales Data
Terraces Interior Size and Average Price Sold
Sold by Terrace Sqft and Average Price Sold
What attributes of a terrace effect its market value? Size

Terraces tend to be attached to larger apartments. Condominiums with terraces that traded in 2019averaged 2,233 square feet which is 35% larger than the average of all condos sold (1,648 square feet). Developers design their projects with this in mind, further pushing the price point. Also, private outdoor space is so coveted that over time, many terrace owners opt to combine units rather than moving, yielding even larger apartments.

Elevation

Terraces tend to be attached to larger apartments. Condominiums with terraces that traded in 2019averaged 2,233 square feet which is 35% larger than the average of all condos sold (1,648 square feet). Developers design their projects with this in mind, further pushing the price point. Also, private outdoor space is so coveted that over time, many terrace owners opt to combine units rather than moving, yielding even larger apartments.

Desirability
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