Space-starved home hunters in cities like New York and Chicago are transforming multi-unit dwellings into extra spacious single-family residences.
Ever one to hop on a real estate trend, Wall Street Journal staffer Candace Jackson reports that with inventory tight in many cities—and sales prices that now surpass those seen in the previous boom cycle—some homeowners say buying and converting an apartment building, condo or multifamily townhome can be the best way to get the kind of space they want. Jackson writes:
Real-estate agents and appraisers say such projects can have a big upside when it comes to resale value. Jonathan Miller, a New York appraiser, says the average price-per-square-foot in Manhattan for a single-family home in 2015 was $2,137, compared with $1,584 a square foot for a two-family home, and $1,371 for a three- to five-family home.