Placing Value on the Outdoor Spaces of New York City Apartments

12:25:50 | 2012-04-09

(New York) — While there are many features that can make a New York City listing more appealing than other properties, perhaps one of the most coveted features in any New York City home is an outdoor space. Numerous New York City properties have absolutely no outdoor space to speak of. This makes the ones that do have some usable outdoor space, even if that space is small, much more valuable in today’s market. New York City apartments with a usable outdoor area are so highly coveted that they known to sell for as much as 30 percent more than similar units with no outdoor space at all.

650 Sixth Avenue | Credit: Core Group
650 Sixth Avenue | Credit: Core Group
103 Greene Street | Credit: Blu Realty Group
103 Greene Street | Credit: Blu Realty Group

It is no secret that outdoor spaces can help a New York property sell, however it is important that sellers know how to emphasize the outdoor space they have. The most important thing to remember when trying to sell a home with an outdoor space, is that the space should be usable. Your outdoor area should be easy to access and you should be able to use it for a majority of the year. While properties who have detached outdoor spaces in New York, still hold some appeal, the units that have living rooms that open right to the unit’s outdoor spaces are the real treasure.

Those looking to market a property in New York probably already know the importance of outdoor space, but it is just as important to be able to appropriately highlight this space. If there is any usable outdoor space, even an area that is only big enough for two single chairs, it is important to stage and accent the area. Focus the majority of your prepping to this specific area and work to help potential buyers imagine themselves using this space on their own. Add comfortable and inviting furniture, utilize outdoor speaker systems, display an outdoor grill if there is room, and add potted or hanging plants if the space will allow. These are all easy things that anyone can do to accentuate the outdoor space.

While a usable outdoor space in New York City isn’t the only thing that will sell a property; it is a big factor. This is one of the most coveted features of any condo or townhouse you can find in the city. Highlighting this area of the property and its features is essential if you not only want to sell a home in New York but if you want to sell that home at a good price point.

—Email  rlorenzen@brokerpulse.com

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