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Purchasing a Condo in New York is Becoming More Popular

In recent months you may have hear a lot about the increase of sales of newly constructed homes but a report released by Miller Samuel Inc., a New York appraisal firm, recently shows that New York condo sales are up 45.6% from last quarter.  While this number is still down 16% from a year ago this is still a significant jump in for condo sales. 

The report released by Miller Samuel Inc. also showed that more people selling a condominium in New York had to drop their sales prices by 5.7% compared to last quarter and 16.5% from last year. 

With prices at such a dramatic low it is time for those considering to purchase a condo in New York to make a move. 

Many people, especially if they are single, a young couple, or elderly, may consider purchasing a condominium unit.  Condo's have become increasingly popular over the past few years because they allow the buyer to purchase a home of their own without having to have the complete responsibility of certain things.  Some of the advantages to buying a condominium are:

• Most condominiums include amenities that you normally may not be able to afford.  Certain condo's the extras you may be looking for such as swimming pools, a gym, volleyball court, tennis courts or basketball courts.
• The cost is less than a detached home.  Condo's normally sell for anywhere between 20-30% less than a single detached home so you are getting the experience of owning your own home and you are able to do it for less than purchasing a detached house.
• Costs are shared. In a condominium the cost of repairs are shared with the other owners of the condominium so instead of having to pay for something yourself, while the cost for materials may be more than for a detached home, the final cost to you will probably be much less because it is being shared with everyone else in your condo. 

To find out more information about purchasing a condominium in New York or if you currently own a condo in New York and are looking to sell it contact Steven T. Decker, Staten Island and Brooklyn real estate lawyer.