Downtown Manhattan 3-Bedroom Loft Market Heats Up

Downtown Manhattan 3-Bedroom Loft Market Heats Up 195 Bowery Luxury Condo Loft in Manhattan - Photo By Rich Caplan

Downtown 3-bedroom properties that have gone to contract since December 20th, 2011, have done so in approximately 45 days after coming on the market, according to a quick (and unscientific) study I did today.

It validates what I and other brokers are feeling in the Downtown 3-bedroom market right now. Buyer interest, appointments and open house visits are up. The best inventory is moving quickly and even some properties which are not considered ‘the best’ are selling if their price is reflective of condition.

Areas like Nolita, Bowery, Tribeca and Soho continue to see growing interest from buyers who need space and wish to live in vibrant neighborhoods. Thirty years ago there was a reason to leave the city – safety, school, neighbhorhood. Today Manhattan offers all of that and more. Ask anyone who’s got two or three children under seven in Manhattan. If they can figure out how to make it work numbers and space wise, they’d rather stay here. Perhaps because it provides a more dynamic lifestyle for both parents and children than the suburbs? Your call. But I see demand for 3 and 4 bedrooms remaining solid right now.

Even the larger two bedroom market is seeing a bump. A new loft I listed at 195 Bowery in Nolita/Lower East Side had twenty people at its first open house.

If you have any questions on the Manhattan market or are looking to make a move, feel free to contact me.

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