2019 Everything you need to know about buying a one bedroom condo in the Upper West Side.
What sold in 2018 in Upper West Side?
What’s the price difference between New Construction and Re-Sale One Bedroom Condos?
What’s the price difference if I want more than one bathroom in Upper West Side?
What’s the price difference for doorman vs. non-doorman for UWS buildings?
Does having a gym in the building affect the price much?
What’s the average common charge and taxes for an UWS one bedroom condo?
What’s the price difference within the different parts of the neighborhood of UWS?
How much does what floor I want to live on change the price?
What’s the difference between what Selling Prices in 2018 and what’s for sale in 2019?
Let’s establish a few things first. We will be diving into a lot of statistics and numbers that were updated at the time of this being published in February 2019. These numbers can change overtime. However, it’s still a great place to start if you are considering UWS condos for sale.
We are using the traditional boundaries of the Upper West Side for this search, meaning from West 59th Street all the way up to West 110th Street; everything from Central Park West to the Hudson River.
Welcome to the World of the Upper West Side
Let’s start off with a simple question: How many one bedroom condos sold last year?
Base on our research, there were just about 260 one bedroom condo sales in 2018.
Next question usually is: How much did those condos sell for?
The average price was $1,199,000. Although average prices are a good place to start, they are really just a starting point
Let’s dive in and start to break this down into more detail.
We are going to first break this into two categories: RESALE and NEW CONSTRUCTIONS. The reason is that new construction pricing is much more expensive than resales, so it skews the data up so much that you won’t be getting a realistic view of what actually happened.
Plus, people who want to buy new construction usually ONLY search for new construction, while people who want a resale apartment typically won’t move up to the new construction price point.
Out of the 260 total sales, 60 of them were new construction and 200 of them were resales.
And for anybody who doesn’t understand what we mean by a resale condo, this is a condo that is owned by an individual owner, not being sold by a condo developer.
So the average price for the new development condos was $1.7 million and the average price for resale condos was $1,074,000.
We are looking at over a $600,000 difference!
There is always a very big premium for brand new construction and the numbers back that up.
What if I want more than one bathroom?
The next category that we like to distinguish is the price differences if the apartment has 1 bathroom and those with 1.5 to 2 bathrooms. That additional half bath to second bathroom are almost always considerably bigger and priced more than the standard one bedroom one bathroom layout.
Out of the 260 past year sales in Upper West Side one bedroom condo sales, 40 of them fall into the 1.5+ bathroom category, so its a smaller niche.
The average price was $1,535,000 for one bed with 1.5 or 2 bathrooms.
The average price was $1,133,000 for one bed with 1 bathroom.
Now you might be saying, how does that extra bath make the price just over 400K?
That sounds like it is the world’s most expensive bathroom! Here are a couple of reasons:
- The one bedroom condos that have 1.5 – 2 bathrooms are on average size of 900 square foot so the added square feet always increases price. The standard size of one beds on average are 750 square feet.
- The one beds with 1.5 – 2 bathrooms typically have better views, are higher floor up in the building, or are corner units. They start to have more desirable features than the standard one bedrooms. Often, these units have separate dining rooms that can possibly be converted into a second bedroom, making them much more desirable.
So we have explained the first two breakdowns that most people want to differentiate right off the bat: are you buying new construction, and if you want more than just one bathroom, what you are going to have to spend?
Now we are going to make a decision regarding the rest of the information that we are about to talk about – we are leaving out new construction apartments, we will save the new construction Upper West Side market discussion for another blog post. For this post, we are going to be just resale condominiums.
Why? What’s the purpose of looking at the information this way? In our experience, new construction condos is a very specific part of the market that the following questions such as doorman versus non-doorman, what floor do I live on, how much does a gym affect my value, aren’t as relevant for new construction buyers.
New construction buyers almost always have gyms and they always have doormen. Plus, new construction is in a very different price point that it affects the numbers so much, it becomes much more relevant to look solely at the resale numbers. Stay tuned for our Upper West side new construction blog post.
Building Amenities in UWS one bedroom condo:
Now let’s see how much certain building amenities affect pricing.
We’re going to focus on 1) a doorman and 2) a gym.
So how much does having a doorman affect the price? This one surprised us too!
The average price for an Upper West side one bedroom condo with an unattended (no doorman) lobby was $803,000. Compare that to our baseline where the average price for one bed condos was $1,074,000 in 2018. So there was a huge $275K difference. We have conducted thorough research, and the industry value for a doorman is about a 15% difference in price, but this figure indicates about a 25% difference. Quite possibly the fact that our everyday lives have started to depend on packages being delivered makes having a doorman and concierge that much more valuable.
Why such a big difference? We think there are a couple of reasons:
- In the Upper West Side, if you are buying an apartment in a building without a doorman, you are very likely buying in a brownstone or non-elevator building. If the building is older, you will very likely not have an elevator. The building probably does not have any type of amenities, no laundry, and no outdoor space. However, these units are rare. In fact, we found just 20 out of the total 260 sales last year were in non-doorman buildings (less than 10%).
- The average size of these non-doorman condos was just 665 square feet, these are smaller apartments.
The Takeaway: If you are looking for a one bedroom in Upper West Side and on a budget, a non-doorman building will be a good option for you.
What about the gym?
If that is one of your must-have criteria for your purchase, let’s take a look at the difference in pricing between buildings that have gyms and those that do not.
The average price for a no-gym one bedroom condo in Upper West Side is just at $950,000. The average price for a one bedroom condo with a gym is $1,157,000. Now out of the total of 200 resales, 90 of them didn’t have gyms (or 45%). Therefore, yes, a gym will definitely add value and cost to your purchase. Like the non-doorman category, a building without a gym also tends to be smaller, with older layouts.
The other takeaway is that not all gyms are going to be equal. You cannot compare the gym that was just remodeled a few years ago with another building gym that is in a basement space.
Gyms are absolutely nice to have, though unless they are well-equipped, people are going to an outside gym like Equinox or Soul Cycle classes as part of their workout routine.
FLOOR VS. PRICE in UWS one bedroom condo
Onto next most frequently asked question: How much does what floor I want to live on change the price?
The Floor the Apartment is Located on:
- Ground floor – $818K
- 2nd-10th floors – $977K and 112 sales
- 11-20th floors – $1,105 million – 60 sales
- 21-30th floors – $1.3 million – 18 sales
- 31st floor & higher – $1.63 million 5 sales
Ground Floor – It’s in its own category, and for good reason. Ground floor apartments are always a niche. Most people will not want to be on the ground floor due to noise and light issues; however, some people really like them, and they are a select few.
As a result, ground floor apartments come with a discount. Additionally, ground floor apartments only pop up on the market a few times per year.
2nd-10th floors – The bulk of UWS one bedroom sales happen in this floor range, averaging at $977K. One of the main reasons for this is that most buildings in the Upper West Side are probably less than 20 stories high, so you will see more one bedrooms come up on these lower floors.
We were not able to breakdown the numbers further, but it would be an interesting figure to see the average price of 2nd-4th floors, as well as floor 5th -10th. There is going to be a bigger stigma with apartments on the 2nd-4th floors. Our experience is that people will expect more of a discount, especially on the 2nd floor, compared to just a few floors higher.
A lot of Upper West Side condos for sale are going to be located directly on Broadway or the other major Avenues throughout the neighborhood. Therefore, street noise is an objection for the lower floor apartments. Many of our buyers, once they get above the 5th floor, are less concerned with street noise. Pricing wise, you can see that there is some discount in this category.
11th-20th Floors – This is the category that now mirrors the average price for Upper West Side one bedroom condos as a whole. And with 60 sales and an average price of $1,105,000, you see a big chunk of the sales taking place in this segment. In our personal opinion, the 11th-20th floors offer that sweet spot of buyer demand. With convenience, minimal street noise issues, and a view, this is where most people want to be.
21st-30th Floors – These floors come with an average price of $1,3 million and 18 sales. There is a lot considerable jump in price, with less sales happening. Since most building top out around 20 floors in the Upper West Side, there are therefore less units to sell in this range. If you are on the 25th floor, more than likely you have a great view that warrants the corresponding price.
31st-40th Floors– The average price jumps up to $1,630,000 with these units, and only 5 of these sales happened last year. These numbers don’t surprise us at all. First, just a handful of buildings in the Upper West Side are this tall and usually the higher you go in a building, the less likely you find one bedrooms. In most tall buildings, the larger apartments (2 bedroom+) are on the higher floors. The reason being is that higher floors will sell at a higher price per square foot, so developers rightfully build more of the bigger apartments. If you are one of those buyers that absolutely must have really amazing views and light, these units will satisfy your desire – if you have the budget.
The Takeaway: The higher you go up, the more your UWS condo is going to cost.
COMMON CHARGE + REAL ESTATE TAXES in UWS one bedroom condo:
This is one of the most asked question by our Upper West side buyers when they first begin the search, What’s the average common charge and taxes for an Upper West Side one bedroom condo? This really depends on which building, its size and if the building offer any amenities, though on the average, common charge and Real Estate taxes Combined, about $1,450/month.
Neighborhood Variations in UWS one bedroom condo
What’s the price difference in the different parts of the neighborhood?
Usually the conversation starts something like, “I want to live in the Upper West Side”
We say “Great, what part of the neighborhood were you thinking?”
The reason we ask this is simply because the UWS covers lots of area and micro-neighborhoods inside the overall space. The neighborhood is typically defined as West 59th Street to West 110th Street, which is about 2.5 miles, then from Central Park West to the Hudson River, which is about ¾ of a mile wide. Each little micro-neighborhood in Upper West side has its own characteristics such as Lincoln Square being home to some of the bigger buildings and often more luxurious, and Riverside Boulevard being home to some amazing views of the Hudson River.
Let’s dive in and see what figures tell us for each part of the Upper West side neighborhoods
Lincoln Square Upper West side one bedroom average price $1.35 million – 48 sales in the past year
We would define Lincoln Square as the Southern portion of the neighborhood, West 59th Street up to West 72nd Street., and Central Park West to West End Avenue. The neighborhood gets its name from the Lincoln Center of the Performing Arts, which is a cultural institution of New York City.
Not surprisingly, pricing is well above the UWS neighborhood averages and a good amount of the overall volume of sales takes place here.
Riverside Boulevard Upper West side one bedroom average price- $1.036 million – 11 sales in the past year
Riverside Boulevard is known within the Upper West Side as having some of the best Hudson River views and some of the newest housing stock in the neighborhood. The first set of buildings were built in the very late 1990s to early 2000s, and now the Southern portion has some of the biggest new construction Upper West Side condo buildings for sale in the area. Pricing for the resale condominiums is always a bit cheaper than their Eastern neighbors in the Lincoln Square area, a testament to the fact that you are a bit isolated with a longer commute to subways, restaurants, grocery and shopping.
West 70-79th Street Upper West side one bedroom average price- $1,022,000 – 51 sales in the past year
The West 70th to West 79th Street area is home to some of the finer Upper West Side pre-war condo buildings in the neighborhood. Pre-war condos serve as an excellent niche, since most pre-war architecture will be found in co-op buildings. A few of the standouts include the Ansonia at 2109 Broadway, 27 and 41 West 72nd Street, and the Level Club at 253 West 73rd Street.
West 80-89th Street Upper West side one bedroom average price – $942,000 – 22 sales
A few anchor buildings dominate most of the sales in this region, most notably the Bromley at 225 West 83rd Street. Then you have a peppering of smaller condo buildings along the side streets and both Columbus Avenue and Amsterdam Avenue. This section of the Upper West Side along Columbus Avenue and Amsterdam Avenue has a neighborhood feel that people love, plus lots of restaurants & cafes and cultural immersion at your fingertips.
West 90-99th Street Upper West side one bedroom average price – $986,000 – 57 sales
Most of the sales in this section of the UWS are taking place in the 372, 382, and 392 CPW buildings. Then you have a couple of big buildings along Columbus that make up the other large portions of the sales.
West 100th-110th Street Upper West side one bedroom average price – 705K – 16 sales
At first glance, our initial impression is that you are getting quite a deal in this stretch of the Upper West Side. Jumping into the individual sales, a big chunk of the sales between West 100th-110th Street were located in the Cathedral Tower condo buildings, which have some of the most entry level prices for an UWS condo for sale.
The Broadway Corridor
Broadway is the main Avenue that runs through the entire Upper West Side. The subway train 1, 2, and 3 trains also run right underneath Broadway. For most of the neighborhood, Broadway is about equidistant to both Central Park and Riverside Parks; and most of major grocery stores, shopping and many restaurants are located along Broadway. We find that buildings located along Broadway are some of the most in-demand condo buildings throughout the Upper West Side, no matter if you are in the Lincoln Square area, or in the West 80s or West 100s. What’s nice about Broadway from an aesthetic perspective is that its double wide avenue with a planted and landscaped median, guaranteeing you to see some greenery which is an under appreciated view. Plus, you are always close to in-demand neighborhood amenities.
Congratulations if you’ve made it this far! You are serious about educating yourself about Upper West Side Condos for Sale.
What’s for Sale in 2019 Upper West side one bedroom?
So we’ve dived in and dissected what sold in the UWS for one bedroom condos in 2018.
We hope now you are more familiar with Upper West Side condo market, ready for your upcoming purchase, or if you are thinking of selling your one bed condo in the Upper West side. We can help you with both buying or selling in this neighborhood.
Let’s take a look at current asking prices in January 2019. Now here is our disclaimer: when we talk about what’s currently active, this is for a snapshot of February 2019. If you are looking at this later on in the year, what’s currently for sale has 100% changed.
Do not worry, give us a call and we can pull up the data of what’s currently on the market so we can have the most informative discussion.
The Big Picture in Upper West side one bedroom market
Okay, so as of February 2019 in the resale condo market, we see over 70 one bedrooms currently available. The average price is $1,280,000 and the average price per square foot is $1,583.
In the new development category, we see just about a dozen one bedroom condos for sale on the market right now. Most of them are located in: 1 West End Ave and 30 Riverside Boulevard. Both buildings are located in the Southwest corner of the neighborhood.
Prices start at $1,600,000 and go up to $2,400,000.
If you are searching for new development condos, there are a couple of new buildings in the pipeline that are getting ready to be put on the market, though you will not find the listings on-line yet. Contact us and we can help you to get in inside track to view those new developments.
Our initial impression is that you can see the average asking price of $1,280,000 and an average selling price in 2018 for resale condos was $1,074,000. There’s quite a big divide.
The main takeaway is that we are in a buyer’s market right now and only the best of the best apartments will sell. What we mean by that is that buyers will recognize instantly if the pricing is too ambitious, gravitating to the apartments that have the best renovations, the most efficient layouts, and well maintained buildings with a variety of amenities.
If buying or selling is your goal in 2019 and you want help, we hope you can tell by now that we take a lot of pride in being experts in our field. We live in the Upper West Side and know the neighborhood extremely well.
If you are ready to take the next step and want to talk about your search, give us call today and we can talk about what building and condo inventory works best for you (917)837-8869. Or drop us an email
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