Are Condos for Sale on the Upper East Side NYC a Good Investment?
Investing in a luxury condo can be a steep investment, you may be wondering if condos for sale on the upper east side NYC will promote a nice ROI when the time comes to sell. A quick look at historic valuation will help you to determine if buying on the UES is something you will be comfortable with both now and in the future.
First you should consider that the Upper East Side never goes out of “style” it is always a sought-after area by singles and families alike. It is a well-established area of Manhattan that has over the last decade and beyond experienced a nice deal of value growth.
Some statistics regarding the value of the property in the UES can help you to understand why purchasing condos for sale on the Upper East Side NYC is good for your lifestyle but it can also be an excellent choice for your bank account:
- The cost per square foot has increased by about 8% in the last five years
- According to the Elliman Report “the average sales price was up 4.9 percent”
- Again, according to the Elliman Report “2016 (the most recent numbers) saw the greatest increase in sales of condos in Manhattan”
In other words, whether you plan on living in your condo for the next 25 years or you only plan on staying 5, you could be setting yourself up for some nice returns.
More Bang for the Buck
No matter where you go in Manhattan the prices are going to be similar for sought out locations, but the UES has that added “neighborhood value” that ensures a quick and easy sale when the time comes for your asking price. You get very high returns in the form of the lifestyle you can have while you reside in your apartment and of course the nice returns you can amass when you sell. If you are in the market for a condo in Manhattan start your search on the Upper East Side at the Vitre and save yourself some time. It will be an investment that you will never regret and a great place to live as well. You can have the best of both worlds at the Vitre, a place to call home and a place to grow your wealth.