Post-Quarantine NYC Buyers Prioritizing More Space

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By: Krista Nickols, Jordan Hurt & Olivia Marquez

As realtors, our job is to advocate for our clients and help them navigate the process of buying or selling a home. We listen, we anticipate, and we adapt. What allows us to do this effectively is our understanding of—and our day-to-day interactions with—our local markets. Whether we are marketing a home or looking for one, we constantly adjust to evolving buyer preferences and tastes.

Today, like nearly every aspect of life, those preferences have been impacted by the realities of COVID-19. In the early stages of the pandemic, we saw demand surge in areas outside of the city like Upstate New York and Connecticut. Now, as people return to the city and the local economy recovers, we’re seeing buyers adjust to flexible work weeks, more stay-at-home time, and the desire to be closer to open spaces like parks and squares.

In the past, buyers we represented or met during showings would prioritize location-related items over things like square footage and layout. Neighborhood choice and access to public transportation mattered more than the size of the living room or the finishes in the kitchen. In the present, we see a shift towards maximizing interior space while getting good value. Having a dedicated home office, plenty of natural light, and proximity to parks are at the top of most wish lists. Our clients want homes in which they can comfortably spread out.

Though properties like these are hard to come by, they can be found if you know where to look. A prime example is one of our own listings at 26 Beaver Street. It’s an expansive full-floor co-op nestled in the heart of the Financial District. It’s close to great outdoor spaces in Battery Park and the Hudson River Greenway, and it receives light from every direction throughout the day. Not only that, it has a separate home office with a west-facing window overlooking a park and has already been renovated to ensure a seamless move-in ready experience. And, at under $1,000/SF, it represents incredible value for its size and location.

Homes like the one at 26 Beaver Street are the archetype for today’s buyers in the city. More space and light, and flexible layouts to accommodate a shifting array of do-everything-from-home needs. Of course, buyer demands could change again in the future. Until then, we know what to look for and how to find it.

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