For the next several weeks, many New York City families will be in a state of apprehension as private schools begin sending out their acceptance letters, as the New York Times reports.
With many of the city’s private schools on the Upper East Side, the opening of acceptance letters can lead some families that live elsewhere to wrestle with whether to uproot themselves and relocate closer to school. Many answer in the affirmative, and their next step is to call a broker.
People are much more willing to commute for work than they are to their children’s school.
Philip House, a condominium at 141 East 88th Street, has reported an increased interest from families looking to relocate to get closer to a private school.
Springtime is generally a period when the real estate sales market picks up, driven by a multitude of factors, perhaps most significantly bonus season, when financial firms dole out cash to employees. It is also a time when more sellers and new developments come to market, and buyers emerge from hibernation as the weather warms. But another critical factor driving the uptick is the so-called private school bump.
Families typically buy larger apartments, and an analysis of data shows that on the Upper East Side, bigger homes make up a substantial percentage of sales during this period, compared with the rest of the year. In 2014, from January through April, condominiums with three or more bedrooms made up 34 percent of the sales on the Upper East Side, compared with 29 percent during the rest of the year, according to data from Corcoran Sunshine. In the first four months of 2013, condos with three or more bedrooms made up the same proportion of sales, 34 percent, versus 31 percent during the rest of the year.
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2015