Neighborhood in NYC : MANHATTAN
Lower Manhattan or “Downtown” New York, known for its rich history, culture, hotels, dining, and real estate is nestled between the Hudson River and East River. Downtown New York is the historical core of the modern metropolis. Some of the city’s most iconic landmarks are located in Lower Manhattan, including Wall Street, the Statue of Liberty, Ellis Island, and the Brooklyn Bridge.
With so much to see and do, it is no surprise that Lower Manhattan is a desirable place to call home. It is easily accessible by subway—with most of the city’s lines having stops in the district—and just a stone’s throw from all the best New York City has to offer. For those looking to cross the river, the Staten Island Ferry, NY Waterway, and New York Water Taxi operate year round.
Lower Manhattan is full of character, charm, and elegance. These factors, in addition to its proximity to thriving business districts and famous landmarks, result in a competitive real estate market for individuals and families looking to buy and sell property on the southern tip of Manhattan.
Downtown – New York City
As the epicenter of New York City, Lower Manhattan is home to more than 61,000 residents. These individuals live in 30,500 units in more than 320 different mixed-use and residential buildings. City officials and builders are investing in an additional 2,288 units in the coming years, as they expect steady influx of people to continue. The district’s total population is expected to rise by around 1,000 residents per year in the near future.
The first quarter of 2014 marked a 25-year high in the Lower Manhattan residential sales market. The average price per square foot has reached $1,376, while the overall Manhattan average hovers around $1,363.
The healthy prices are indicative of the affluent and well-educated population in Lower Manhattan. Recent data suggests 85% of residents have a college degree, 42% have done post-graduate work, and 73% are employed. Nearly one-third of the 61,000 residents are employed in the FIRE Sector (Finance, Insurance, and Real Estate). These jobs bring in a median household income of $143,000, compared to $51,000 for households city-wide. It is also worth noting 22% of Lower Manhattan households own more than one home.
Tips for Buyers
Buying real estate in New York City requires extensive geographic and financial knowledge. In order to prepare you for success, we have provided a few tips on buying a home in Lower Manhattan.
Contract an Agent. As a buyer, you having nothing to lose by hiring a real estate agent to guide the process. In fact, you have everything to gain. The seller typically pays the agent commission, so you are essentially getting an inside expert at no cost. An experienced agent will provide you with valuable insider information and experience.
Get Pre-Approved. Before you can begin searching for a home, know how much you can realistically spend. In order to make an educated estimate, it is important to obtain pre-approval for a mortgage. This typically takes one or two days and is well worth the short wait. Condominium apartments usually require a down payment of at least 10%, while cooperative apartments generally want closer to 20%.
Do Your Research. If you aren’t careful, you could end up spending months looking for the perfect home. Take advantage of your agent’s local knowledge and available Internet resources to speed up the process. By doing your homework before seeing properties, you can save valuable time.
Negotiate. Everything in an offer is negotiable. Whether it’s the fireplace, appliances, or financial details, work with your agent to negotiate an offer that makes you comfortable. Never be pressured into an offer without first weighing the positives and negatives.
Tips for Sellers
If you are interested in selling your home in Lower Manhattan, take the time to properly prepare your listing for the competitive marketplace. Here are a few tips for selling a home in Lower Manhattan:
Contract an Agent. As a seller, you are almost guaranteed to see a positive return on investment when using a real estate agent. While you may know your individual home, an agent knows the entire real estate market and has the connections to make sure you receive a number of qualified offers.
Small Fixes. When selling your home, small fixes can go a long way. In order to maximize your home’s visual appeal, consider applying a fresh coat of paint on the walls, shining the floors, replacing outdated fixtures, and deodorizing stale rooms.
Staging. You can optimize your sales appeal through effective staging. De-clutter your home, conduct a deep cleaning, and decorate the space tastefully. A professionally-staged home can speed up the sales process and make your home even more appealing to prospective buyers.
What You Need to Know About Downtown
Lower Manhattan epitomizes everything New York City stands for. It is the historical core of the modern city, the financial hub of the country, and a global symbol of affluence and success. Residents should be prepared for a fast-paced lifestyle full of excitement and entertainment. The irregular street grid system takes some getting used to, but residents will enjoy how connected they are to the rest of the city. There are dozens of options, with subway lines, ferries, and bus routes all reaching the southern tip of Manhattan. While real estate can be pricey, you will get what you pay for: incredible views, convenient location, and a touch of history.
Keller Williams New York City
At Keller Williams New York City, we are committed to success and satisfaction. Our agents stay ahead of the trends through continuing education and the use of cutting-edge technology. With access to more than 80,000 Keller Williams agents nationwide, we are confident we can help you buy or sell your home—no matter the location. We are particularly proud of our presence in Lower Manhattan and Downtown New York City. For more information on how a Keller Williams New York City agent can help you, contact us today.