MW I want to buy an apartment in Manhattan, but it's on the 6th floor - with no elevator. Is it worth it?
By Aarthi Swaminathan
'If I want to rent or sell in the future, am I going to have a tough time?'
Dear Big Move,
I am considering buying a 6th-floor walk-up in Manhattan.
It's a great area, and the unit is totally redone. The only "downside" I'm grappling with is the 6th floor walk up (12 flights). If I want to rent or sell in the future, am I going to have a tough time, or is the market for people who don't mind walk-ups healthy?
Dreaming of Manhattan
'The Big Move' is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage.
Do you have a question about buying or selling a home? Do you want to know where your next move should be? Email Aarthi Swaminathan at TheBigMove@marketwatch.com.
Dear Dreaming,
Buying an apartment which is on the sixth floor, with no elevator, is as much a lifestyle choice as it is about prices and resale value.
For context, there are about 177 buildings in Manhattan overall that are walk-ups with six floors or more without an elevator, out of which 54 buildings have units for sale, according to real-estate data analytics company UrbanDigs.
The median asking price for an apartment in New York City was $1.12 million in May, according to StreetEasy, which is the highest since 2018. The median asking price in Manhattan was $1.6 million.
Homeowners who live on the sixth floor are people who have gotten used to it. And that includes them becoming accustomed to challenges like hauling groceries up six floors, or going to the basement to do their laundry and dragging that pile up. "These buyers, but not all, may commit to a somewhat minimal lifestyle," Gerard Splendore, a broker at Coldwell Banker Warburg, told MarketWatch. "Moving in and out is infrequent for higher floor walk-ups; these buyers tend to stay put."
Keep in mind, generally, the higher up you are in a walk-up, the lower prices go (the opposite is true for an elevator building). "After the second floor of a walk-up, the buyer pool lessens substantially. Occasionally, third-floor walk-ups will sell without too many price concessions or too much promotion," Splendore said. "After the third floor it will be a struggle to sell an apartment, no matter how nice the view, roof deck - or how low the price."
Also consider how much in extra fees you may have to pay for that higher floor. Your moving company might charge you a fee for hauling furniture up 12 flights of stairs, or other delivery folks might do the same. "Movers inquire if there is more than one elevator or a freight elevator when estimating and scheduling moves, and will definitely charge more for walk ups," Splendore said. And those complications could also extend to renovations, he added, since it's a lot harder to get materials and appliances in and out of the home.
To be sure, higher floors also give you more natural light - something that some renters prioritize - or fresher air since you're further off the ground.
When buying properties, you also need to factor in the resale value. The problem with buying on such a high floor might lead others to think twice, like you are doing now, about the apartment.
And at the end of the day, moving to the 6th floor is also a lifestyle choice. "Forgetting to buy milk, going to the lobby to pick up mail or a package, and something as simple as ordering a pizza for delivery can become more expensive and challenging," Splendore said. "Generous tipping of delivery people will ensure the best service."
You have been forewarned.
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-Aarthi Swaminathan
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June 29, 2024 07:12 ET (11:12 GMT)
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