The 2010 Census revealed that the population of the Upper East Side declined from 63,700 to 61,2007. In addition to a declining population, the Carnegie Hill section of the Upper East Side had the highest percentage of vacant housing units in the city, with more than 13% of vacant units. Over a 10 year time period, the vacancies increased by 26% while there was a simultaneous 3.8% decrease in the total number of housing units. Different theories are being discussed as to why this occurred. Some theorize that perhaps residents knocked down walls in multiple units to create larger homes. Others speculate that people were at their homes in other locations when the census was being taken. The census' definition of vacancy includes units temporarily occupied by people who have a usual residence elsewhere. While Carnegie Hill saw a decrease in number of housing units and the highest vacancy rate, Yorkville, by contrast, had a 1.3 percent increase in the total number of units, and a 5.4 percent vacancy rate.
Not only has the Upper East Side experienced a population drop and increase in vacancies in the Carnegie Hill area, but it is also experiencing a decrease in signed real estate contracts. In comparison with the Upper West Side,the Upper East Side is behind. Both neighborhoods have roughly 1,000 apartments on the market. The Upper East Side has a 3.6% decrease in signed contracts since January while the Upper West Side saw an increase in signed contracts of 15%. However, if last year's market trends are any indication, by the start of summer, the Upper East Side may end up with a larger increase in signed contracts. Stay tuned.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment