Here are the advantages and disadvantages of a Central Park flat … Pros:
* Brand: Central Park flats command a premium and the ones on Fifth Opportunity dealing with the park are the most costly of all. As an example, 820 5th Avenue had an apartment or condo that recently sold for $44 million.
Like To Visit : 38 Park Avenue Investment Property
It is a worldwide acknowledged address and hence the property value must hold. It’s also a great subject throughout mixed drink chats, ie speaking about owning an apartment by Central Park in New york city.
* Low supply: There are just a handful of apartments that are very near to or dealing with Central Park. Most are coops which are not investor friendly. Hence a CP condominium will have strong need when it’s time to offer (presuming the buyer pays the premium asking rate).
* Enjoying the Park: Being actions far from the park is a huge advantage especially for those who take pleasure in running, biking and the lots of outdoor activities that Central Park supplies.
* In the evening, a flat dealing with the Park keeps an eye out at a dark blanket.
* Manhattan home market’s appreciation is driven by market averages. For instance, one might purchase a $10million flat facing Central Parkbut that $10 million flat need to value by the exact same rate as a $2 million flat that is not facing Central Park. Having five $2 million flats provides diversity to having one $10 million flat (if we eliminate deal costs which is mainly variable anyway).
The way to identity the ideal investment property is to identify your objectives. eg why do you desire a Central Park flat? For brand name? That’s a good factor. Because you believe it would appreciate better? Hmmm … maybe not an excellent reason.