As we mentioned in a previous post, when helping buyers find their perfect home, we gather information about multiple data points to help narrow down the properties that will suit the individual buyer’s needs. This data helps us eliminate properties that definitely will not work and hone in on properties that are the closest to ideal. This information also gives us some great insight into what buyers in general are looking for.
Based on our survey, the top ten items that buyers classify as “must have” or “wish list” are as follows:
“Over the past 6 years of writing this blog, I’ve made it very clear what buyers in the Manhattan markets bid up for:
3) Raw Space”
He goes on to say “By far in this marketplace buyers bid up for views (think river or park views, followed by full city views) and natural sunlight. After that it tends to be about raw space and whether the subject property is large enough to meet the client’s needs. Then comes location – many would think location would be top of the list, but I find this not to be the case in a market like Manhattan. Let me explain.
As Manhattan prices rose and affordability declined over the past decade, buyers widened their criteria of neighborhoods they are willing to live. Buyers that once would only consider living in the West Village, realized that if they are going to buy what they want & need that they may have to consider Chelsea or other neighboring areas. Once that buyer gets a taste of more desirable features and starts to understand what his budget can get in another neighborhood, it anchors them to expecting those now affordable features; such as a bathroom in master bedroom or a full city view. The end result is a buyer who will now have a wider search requirement, dampening the power of “location” as the top desired feature they will bid up for.”
Based on our survey results, Noah is spot-on in his views of what buyers are looking for. Looking at our top 10 list, we see that buyers are looking for light, space and views. While location is important to buyers, specific location is not. Because there are so many outstanding choices in New York City, our data shows that buyers search for properties in an average of eight neighborhoods. While buyers do generally have a specific borough preference, within their borough of choice most buyers are not set on living in one specific neighborhood. When it comes to real estate in New York City, it seems that where you live has taken a back seat in importance to how you live.