This is a question that I get asked at least once a day!
Over the past 12 months our values have realized a slow and steady appreciation. For example, 133 53rd Street sold for $785,000 on July 5th, 2016. I listed and sold the exact same model house at 130 57th street on May 25th, 2017 for $845,000. That is a 7% appreciation in one year!
However, there is a catch! Not all of the inventory is performing this well. The current demand is for homes that are in like new condition. I refer to them as “A-grade”. 130 57th street is a perfect example. The house is a 12 year old unit, but the hardwood floors throughout are in perfect condition. The furniture looked like it was just delivered, carpets were clean, appliances are relatively new etc. In other words, the house was completely move-in ready and you could tell that the owners (sellers) took great pride in it.
This is where we are seeing appreciation in values. Houses that are tired and feel like there is no emotional connection with the owners are not doing as well. Most of the buying market does not want to have to do work to the unit and they are willing to pay more for houses like 130 57th Street.
If you are thinking about selling and would like a free consultation, give Laricks Real Estate a call. We can help you make the right decisions to take advantage of the current market conditions and maximize your investment!
Market Activity over the past 30 days:
Here are a few pictures of 130 57th Street.