If you are considering buying a property in New York City, your choices are somewhat limited. Most people opt for an apartment, coop, or condominium. There are similarities between the three. However, people are often unaware of what they are. An apartment is a separate residence in a multi-family building. Apartments can be individually owned condos, or they can be a rented unit in a building that is entirely owned by one person or corporate entity. Often, a particular property will be listed as an apartment on web sites or other advertising media. Buyers are often confused when they find the unit is one of the many condos for sale in Manhattan.
Condos are a hybrid, a cross between an apartment and a single-family house. In both instances, you can own them outright. Living in a condo is akin to living in an apartment in some respects. Both share common walls and are near each other. Many condominiums for sale in Manhattan, condos such as those found at Fifteen Hudson Yards, are high-rise. Hence, your home will be above or below another family.
In the majority of cases, a condo in Hudson Yards Development is less costly than a private house. Although this is usually the case, it does depend on the size of the house, the location, and the assessed value. Typically, a condo costs less than a house. In the past, house values appreciated faster than the value of a condo. This is not so today. A recent study covering five years showed that condo values climbed by over 38 percent during the period. During the same period, single-family houses appreciated by only 28 percent. Condo values are driven by demand. Fresh college graduates, as well as corporate executives, want to live in Manhattan, the heart of NYC.