As part of Greenwich Village, the West Village is a trendy neighborhood rich in the arts. The rest of Greenwich Village sits to the east, Chelsea to the north, and SoHo to the south, with the Hudson River making up the West Village’s western border. Small cafes and restaurants are interspersed along streets lined with shady trees and classic New York brownstones. West Village luxury real estate allows locals to escape the true hustle and bustle of Midtown while still getting a taste of the New York lifestyle. But for those who still want to experience NYC’s most iconic sights, Midtown is still only an 11-minute public transit ride or 16-minute drive away. If you’re considering hunting for West Village homes for sale, find out what makes the neighborhood a great place to invest.
The West Village market is on the rise
West Village luxury real estate continues to draw in buyers for its historic charm and beautiful views. As of July 2022, West Village homes for sale have a median home price of just under $2 million. The West Village brings residents a more laid-back pace of life, making it one of New York City’s better neighborhoods for raising a family or getting involved in the community. Making an investment in West Village luxury real estate means homeowners will likely see very high returns on their investment, even if they list the property for resale in only a couple of years. Overall, the upward trend of West Village real estate paired with consistent demand for properties in the area makes purchasing property in the neighborhood a wise investment decision.
The thriving arts and culture scene
The West Village, and Greenwich Village more broadly, is known as a hub for arts and culture. At the north end of the neighborhood, the Whitney Museum of American Art celebrates 20th and 21st-century works by American artists. Just south of the West Village, there’s also the Children’s Museum of the Arts and the Dahesh Museum of Art. The West Village is also home to the famous Village Vanguard Jazz Club, which has been in operation since the mid-1960s. For local theater, there’s the New Ohio Theatre, Lucille Lortel Theatre, and the Rattlestick Playwrights Theater, while live music can be enjoyed at a number of cabarets and piano bars like Arthur’s Tavern and Mezzrow. For anyone who is a patron of the arts, the West Village is a perfect place to invest.
The renting community is strong
If you’re looking into West Village homes for sale as secondary rental properties, you couldn’t pick a better neighborhood. Renters make up a large majority of the residents in the West Village, and suites are always in demand for newcomers. The biggest benefit of owning a rental property in New York, of course, is the passive income it provides. Home buyers who want to rent an additional property will need to account for any potential expenses from maintenance to repairs to HOA fees before investing. Having a secondary property also provides homeowners with greater security and flexibility, with tenants keeping an eye on any additional properties while the owners aren’t living in them or allowing owners to sell when the market is at its best.
Real estate projections show greater demand
Another top reason to invest in West Village real estate is the high demand that’s expected to keep on climbing. New York City real estate has managed to appreciate consistently over the past decade, with demand staying high for properties both to buy and rent. This means that if you invest in West Village homes now, you could see high returns on that investment both in the short and long term. But those who get into the market now should consider holding onto their property as a long-term investment, especially if it’s going to be used as a rental property. The more years you can rent out your second home, the more income you’ll produce and the more opportunity you'll have to watch its market value increase over time.
Mortgage rates are still manageable
Fixed-rate 30-year mortgages in New York City are sitting around 5.6 percent, which is a sizable increase from where they were two years ago, but nowhere near the record highs the area has seen. With some lenders providing loans at interest rates in the 4 percent range, it’s still a great time to invest. Buyers interested in purchasing homes for sale in West Village should consider striking while the iron remains hot. As mortgage rates continue to rise, the cost of borrowing will make all the more difference in whether someone can invest in the right luxury properties. Take advantage of the current rates by finding a good lender and working with a qualified real estate agent when you go to invest.
There’s no place like New York City
Ultimately, New York City remains one of the top destinations in the world. Owning a piece of West Village real estate brings you closer to iconic landmarks, theaters, and museums, in addition to world-class dining establishments and some of the best entertainment in the world. But investing in a competitive market like the one in West Village and New York City as a whole requires finesse, attention to detail, and a good deal of patience.
Interested buyers should partner with a real estate team who understands the nuances of each of New York’s unique neighborhoods. The Fiesta Lente team brings passion and dedication to clients looking for their next home in New York City. With an entrepreneurial air and a genuine desire to build relationships and help their clients succeed, agent Simone Malferrari guides clients as they discover the property of their dreams. If you’re ready to make a piece of West Village real estate your own, reach out to Simone Malferrari and the Festina Lente team today.
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