BRIARGATE, New York – New York City has emerged as one of the most expensive cities in the world to buy a condo.
In the last two months alone, the city’s median price for a condo has risen to $1.8 million, the highest of any U.S. city, according to real estate data provider Zillow.
New York’s price tag for a two-bedroom condo at the Crown Point Condominiums in New York is currently $1,863,500, up 9.3 percent since February.
The average condo price in New Orleans rose 11.5 percent during the same time period.
The increase is even more staggering when you consider that the average price of a new condo in New Mexico, California and Texas has not increased for five years, according the National Association of Realtors.
But it is still not a great way to make a living.
For some, it is an alternative to the real estate downturn in the past year.
“It’s an affordable way to live in the city and it’s a way to keep your kids entertained,” said Mark Stokes, a sales manager at Stokes Properties, a condo sales and investment company based in New Jersey.
He said condo owners can also earn an income by working part-time in other jobs.
“If you don’t have a job, you can still rent out your condo and then earn money, so it’s not a huge drain,” he said.
A large portion of condo owners are millennials who have moved out of the city because of the recession.
The millennial population, according with Zillows, is expected to reach 10 million by 2030.
This number could easily surpass the number of people in the United States who live in homes worth more than $100,000.
The condos and townhouses at Crown Point, a popular destination in New London, Connecticut, where the condos were built in the early 1980s, were the first to go on sale in the U.K. in 2012.
A recent listing on Zillower.com shows that the condos are available in two-bedrooms, four-beds and six-bed suites.
The condo also has two bedrooms and three baths.
For a two bedroom, the listing says, “you’ll pay $3,350 per month in rent and utilities.”
“It is great to have an affordable place to live and enjoy,” said Stokes.
Crown Point, located at a location just south of the Hudson River, is the only condo in the area to include an ocean terrace.
It was built in 1971 and is one of just three condominium buildings in the New York metropolitan area.
This week, the condos opened their doors for a public viewing party.
The developers have said that they have raised $15 million to build the condo.
More on real estate: