In New York, it’s not always just the apartment features that lead to a closed transaction. The building as a whole, including its amenities package, are often criteria that push a buyer over the edge to pull the trigger on a new home.
The combination of in-unit amenities plus building amenities is a special formula that sellers need to be aware of in order to command the highest prices possible for their properties.
StreetEasy and ACRIS analyzed closing data for two years to determine the features that buyers are willing to pay more for (and the features that sellers were able to cash in on).
Believe it or not, listing data indicated that an in-unit washer and dryer were associated with the highest premium in New York City. Who wants to walk down the steps or hop in an elevator to do your laundry? Not city buyers nowadays!
The data clearly shows that amenities that made buyers’ daily lives easier took precedence over others, and buyers were willing to pay more for the conveniences of an in-unit washer and dryer, a gym, a doorman, a dishwasher and more.
Since the pandemic, outdoor space and in-unit “flex” space that can be reconfigured for different purposes fetched a high premium. For units that sold above $2.5M, a private patio or terrace was associated with the highest premium. Platinum agents have continued to see buyers interested in outdoor space, and the demand and premium have not faded despite a market cooldown.
As buyers continue to work from home, in the luxury space, amenities like a shared meeting room and concierge service were able to command bigger bucks for execs who needed luxury work-from-home spaces. Building concierges can offer more comprehensive assistance with city living than doormen typically do, ranging from picking up dry cleaning to getting reservations at popular restaurants.
Whether you’re a buyer looking to start your property search with some of the amenities listed above, or you’re a seller wondering what you could get for your property, message Platinum today to speak with an agent who can guide you through the buying or selling process.