OnDemand WTP Pricing Research

WHY THE REAL ESTATE IN NY IS NOT GOING VERY WELL? | Medium

As you can see I decided to take into consideration some of the apartments, all of them Condo as the type of Building, in Manhattan, exactly in NoMad Area. The Common Charges, in annual terms, are not high. Indeed, its average price is less than $2,000. Despite this, just taking care of the RETAX (Real Estate Taxes) is significantly expensive, which an average people spend monthly $2,315 in this specific area of Manhattan. However, the main reason for this market’s issue in New York is the House’s Price.

As you can already see, I converted square foot (ft²) into square meters (mq) and thus, I then converted dollars into euros. This not only to make easier this analysis but also to let all European, especially Italian like me, to understand better this analytical research. Firstly, you must understand that each square foot corresponds 10 square meters. That’s why I divided each square foot by 10. Moreover, be careful about the currency between euro and dollar. When I did this analysis, that currency was at around 1.16. While right now it’s at around 1.15 and in this last period was more or less at around 1.14. Well reporting all these information with basic statistical calculation, it would possible to see that the unit price, $/ft², of this area of New York, is equal to $2,150.25 and thus, with square meters the average unit price ($/mq) is more than $20,000, which is exactly equal to $21,502.48. So, in euro and square meters terms (€/mq), the unit price is an average equal to €14,334.99.

Consequently, as you can understand, the price is really too much! A good example of it, a Condo located at 277 Fifth Avenue with just 2 beds and 2 baths, which its size is 1434 ft², thus, cosponsoring 143 mq, the price market is $3,960,000!!! And so, in according to these considerations, it’s equivalent to €3,208,695.65!! Therefore, $25,484,.34 per each square meter and so almost 20,000 euros as the unit price. And all of this after only 69 days of Market!! Crazy? Yes definitively!!

Read complete article here:

WHY THE REAL ESTATE IN NY IS NOT GOING VERY WELL? – andrea.vigano.blogs – Medium.