Are you looking to buy your next dream home in Manhattan? Our UES team experts have provided the important factors to consider when making a move in Manhattan. In our latest blog, we share a few real estate trends to consider as a buyer as well as our top five reasons to buy in this neighborhood.
January 2020 Home Sale Data:
According to recent data from Urban Digs, there are some indicators that show the healthy signals of buying in this neighborhood:
- Time on market averages around three months (a 5% improvement from the prior year) and shows the demand for homes compared to other neighborhoods
- The median sale price is $1,031,000
- Supply has also increased by 6.6% from the prior year – indicating a buyer’s market
Top Reasons to Live in the Upper East Side:
Easy Access to Central Park
Within a matter of 10-15 minutes, you can find yourself easily in Central Park, a relaxing destination away from the bustle of midtown. There are hundreds of special attractions in the park like the zoo, carriage rides, yoga, picnics and concerts. Options are limitless when you are walking distance away!
Plentiful Museums and Exhibits
In addition to having easy access to the park, Upper East Siders can also enjoy the close proximity of many museums. Some of the more well-known ones include:
- The Metropolitan Museum
- The Frick Collection
- The Met Bruer
A Shopper’s Haven
When living in the Upper East Side, it’s safe to say that you don’t have to travel too far to shop. This specific area of Manhattan is especially known for the high-end stores along Madison Avenue. In this list from NYC Go, you can find some of the top shops with designs fresh off the runway.
Peace and Quiet
Although this list showcases the wide variety of activities for all in the Upper East, this is a relatively quiet location compared to the rest of Manhattan. For example, the villages tend to have the liveliest nightlifes, downtown is jam-packed during the work week and midtown tends to be busy with tourism and commuters 24/7. UES offers a relaxing escape from the other areas of the city that can feel overwhelming to some.
As a result of the calming nature, there are also many casual eateries in the area. Unlike some of the other neighborhoods, you are likely to find a quaint coffee shop – without the hassle of scouring for open seats. Some of our team’s favorites include: DTUT, Orens Coffee and Handcraft Coffee.
Strong Price Value
The Upper East Side is well-known for luxury homes. However, when comparing the price of square footage and amenities of homes in other neighborhoods, it’s very evident that the value exists in this hidden gem. For example, in a high demand location like the East Village, the average price per square foot is $1,343 versus UES’ current average of $1,152 (Source: Urban Digs). This variance alone shows the ever-present opportunity to buy value in this market. Also, UES homes tend to also have abundant amenities like in-unit laundry as well vs. other neighborhoods. Once a home is purchased, this area also offers a healthy rental opportunity – According to Street Easy, the two and three bedroom rental prices also tend to be higher in UES compared to the other neighborhoods.
With many buyer/seller transactions in this particular area, our team can attest to the many benefits of living in the Upper East Side of Manhattan. If you are interested in learning more about homes for sale in the Upper East, contact our team today.