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You Don't Want To Know How Much A Greenwich Village Apartment Cost In The Year 2000
By
Rebecca Fishbein
Published Jan 21, 2016
Modified Jan 21, 2016
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By
Rebecca Fishbein
Published Jan 21, 2016
Modified Jan 21, 2016
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There are a lot of things you could do if you had a time machine. You could, for instance, prevent world atrocities from happening, or you could shoot dinosaurs for sport like a doomed Ray Bradbury character, or you could dump that terrible dude before he got the chance to dump you. But perhaps the best use of your newfound manipulation of time is to zoom back to the year 2000 and purchase an apartment in Greenwich Village. Or so says new real estate data analysis startup NeighborhoodX—they crunched the numbers to see how much the neighborhood's estimated apartment purchase price has changed over the last decade and a half, and the numbers are cringeworthy.
If you were to purchase a 700-square-foot one bedroom now, for instance, you could expect to fork over as much as $1.3 million for a condo, or upwards of $857,000 for a co-op, according to median sales prices. In 2000, you could have bought that condo for a median price of $432,000 and a co-op one-bedroom for a median price of $380,000, and used that extra cash on *NSYNC tour tickets.
Meanwhile, a 1200 square-foot 2-bedroom co-op could cost you $1.7 million now, but back in the sweet, sweet year of Coyote Ugly, that baby would only run about $770K. Then again, if you purchased a condo of the same size in 2014, you'd have shelled out about $2.7 million, and in 2015 that condo would only go for $2.2 million. Ah, the boom and bust:
The median apartment sale price in Manhattan is now $1.15 million, which is a number that seems astronomical but after several rounds of spending $12K+ on rent annually almost begins to sound reasonable. In Greenwich Village, median sale prices tend to climb above those in the rest of the city. And though the neighborhood's seen only a small spike in real estate prices over the last three to five years, NeighborhoodX founder Constantine Valhouli says it's more interesting to look beyond the last few cycles to see how things have changed.
"The thing that's fascinating from 2000 onwards is that a couple of things happened that drove prices up," he told us today. "I think after the market crash in 2000, 2001, people expected real estate to tank, but money actually went from equities into real estate. And what became really strange is that after Lehman Brothers collapsed, a lot of policies were enacted that affected access to capital and prices."
Rents went up again, and people who may have then gone on to buy found it was harder to get a loan. And real estate itself started finding its way into the hands of people with way more money. "In Bushwick, many places [that were affordable] weren't being bought by owners, they were all being bought by investors," Valhouli says. "Ordinary people can't access [capital] in the same way."
NeighborhoodX plans to expand the Real Estate Regrets series to neighborhoods all over the city, and they'll also delve into rent histories just to make the rest of us cry. Up next, they'll explore what the East Village was like before it turned into one giant frathouse.
Tagged
apartment regret
greenwich village
real estate
Rebecca Fishbein
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