In the current real estate market, size matters when it comes to buying a co-op or condo.
A perfect storm of low mortgage rates, high rents and foreign investment has tightened inventory in almost all segments of the market--but especially so on opposite extremes of the spectrum, with starter apartments and large, family sized units in shortest supply, say the real estate brokers and market analysts we polled recently.
That means that if you're looking for a two bedroom, you may be in luck--or at least, enhanced luck--as compared to buyers hunter for bigger or smaller places.
Here's a quick segment-by-segment snapshot of how the real estate landscape looks right now.
1. Starter apartments (studios and one-bedrooms) in huge demand
The entry level market--defiined as studios and one-bedrooms around $500,000--has been the busiest segment of the real estate market for the past year "in direct response to falling mortgage rates and rising rents," market analyst and appraiser Jonathan Miller of Miller Samuel tells BrickUnderground.