Homes at 177 East 77th will continue to rise in value for factors other than what you may have considered. According to Miller Samuel, Inc. Real Estate Appraisers and Consultants, our neighborhood already boasts the highest price per square foot in the country.
Our areas demographics seem to continually grow wealthier. Upper East Side private schools have skyrocketed in cost. With costly education comes wealthier people to pay for it (a sad truth in our society). This fact alone will have a dramatic effect on the price of apts on the UES.
We also have the Second Avenue Subway – set to open in 2016 (depending upon who you ask). Greater access will create even greater demand for our homes.
77th Street obviously has drawbacks. Subway foot traffic. Ugly real estate offices. Too many banks. Street vendors chocking the sidewalk. Still, most see this as a small price to pay given all the pluses. As an aside, rumor has it Payard will be opening on 76th and 3rd!
It was suggested in this years apartment owner meeting, a block association should be formed. Anyone in our building interested in getting one started? Feel free to comment below.