Back when my friends and I got engaged, the first order of business after the excitement and the parties to celebrate was searching for an apartment to live in. There were plenty of buildings to choose from at that time, since “co-ops” and “condos” were not the norm of the day, and just about every apartment building was a rental building with apartments to rent for one and all. Buying an apartment or house prior to or right after a young couple got married was an unheard-of luxury back then.
Typically, a newly married couple would rent an apartment for a few years, save for a down payment for their first house — usually one not that much bigger than the apartment they were living in, but theirs just the same — and then live in that starter house for the period of time it took them to go to the next stage — moving up to a larger home.
Times have changed, and the advent of the co-op and condo market has introduced other options and possibilities for young couples who would ordinarily rent, as well as for older couples who are ready to sell their homes and move into smaller spaces. Although rentals are still an option, many opt to purchase a co-op or condo, allowing them the opportunity of an affordable home ownership alternative.
This year, with prices even more affordable than ever, not only young couples are looking to purchase apartments as first home buyers; a new phenomenon has entered the marketplace—people are purchasing these apartments for their newly married or to-be-married kids with an eye towards investing … not only in their children’s future, but looking towards the potential upside of reaping the financial benefits in years to come from the future value of their apartment.
With more attractive pricing in other segments of the housing market — homes, second homes, etc. — opening opportunities for buyers, the co-op and condo markets have also followed suit, and the drops in pricing have created many investment opportunities for those want to invest in real estate but find that houses are a little too steep for their pocketbooks.
Our neighborhood continues to be the popular place to be. With that in mind, all apartments and houses for sale here are in hot demand, now more than ever, for those who take advantage of the times and jump in.
Anessa Cohen lives in Cedarhurst and is a licensed real-estate broker (Anessa V Cohen Realty) and a licensed N.Y.S. loan officer (FM Home Loans) with over 20 years of experience offering full-service residential, commercial, and management real-estate services as well as mortgage services. She can be reached at 516-569-5007 or via her website, www.AVCrealty.com. Readers are encouraged to send questions or comments to anessa@AVCrealty.com.