Everyone likes a view, and even on hot days it is nice to get outside. That is why in Manhattan there is a premium on patios and decks off apartments and condos. The ability to get outside and have some fresh air is a primal reflex for all people, and to do so at ones home makes a home so much more valuable.
But outdoor property you can call your own — be it a garden, patio, terrace or even a balcony — remains a coveted commodity in limited supply, at least in the crowded environs of Manhattan. The homes that have these amenities come on the market less often than those without, and when they do, they typically sell at top dollar, and often quickly, especially at this time of year, real estate professionals say.
“Basically, outdoor space has become rare,” said Jacky Teplitzky, a veteran broker and an executive vice president at Prudential Douglas Elliman. The inventory tightened over the years, she said, in part because developers in recent decades had concentrated more on maximizing indoor space and in part because owners have held onto these prize properties longer. Of course, zoning and design constraints have also affected supply.
Only 10.9 percent of all residential sales in Manhattan last year included units with some type of private outdoor space, down from 14.4 percent in 2000 and 18.3 percent in 1995, according to the appraisal company Miller Samuel. “The drop suggests that the properties with outdoor space — more likely large space like terraces and gardens — have a longer holding period and do not turn over as often,” said Jonathan J. Miller, the company’s president. via the New York Times.
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