Running On Real Estate for October 17
Subways and buses and trains, oh my! Since most of us don’t have a pair of ruby slippers to click our heels and get to a destination, living near public transportation is a big plus. Having a car in New York can be an unnecessary hassle. Living near a subway station, now that’s a good thing. It’s a huge convenience that buyers appreciate. It’s a value that sellers cash-in on. It’s called paying for proximity. And we do it.
In New York, we buy the lifestyle over the size of the apartment itself. Being out and about is exactly what it’s about. And our ability to conveniently get to where we are going matters most. Forget the car – most homes are garage-less anyway, and public garages have car elevators that break just when we need our vehicle. But with a MetroCard in hand, we are free to roam.
Freedom has a price tag, though. Whether in the Heights or over in Bushwick, property values and rent prices increase the closer you get to public transportation. Convenience costs. By and large, most of us want the benefits of proximity to subways, buses and trains. And we are prepared to pay for it.