Single Women Like Condos

The New York Times reports:

DAVID WALENTAS — a Brooklyn developer solidly entrenched in the testosterone-dominated real estate world — is having a hard time making sense of the streams of women passing through his sales office at 110 Livingston Street in downtown Brooklyn.

In the last five months, single women spent more than $30 million out of the $100 million or so in sales in the 299-unit condominium. In fact, single women bought 72 of the first 165 apartments sold. Spending by these women far surpassed that of single men, who accounted for $19 million. Married couples accounted for about $45 million in sales, and investors $5 million.

Mr. Walentas has done so well that he has been able to raise his prices twice. He also sees more married women writing the $60,000-to-$100,000 deposit checks. “It’s the women’s checks,” he said. “It’s not like a dual account — Joe and Suzy. It’s Suzy. I’m amazed.”

As the overall New York City housing market slows down and buyers are far more cautious about making deals, the one segment that is still buying feverishly appears to be women. While Manhattan developers say they are seeing more female buyers, the highest concentration seems to be in Brooklyn.

Brokers say that women are betting that even if they buy in a declining market, the values won’t drop as much as they would have spent on rent. They’re more comfortable buying in the same neighborhoods and buildings as their friends do. By purchasing condominiums that they could eventually rent out if they needed to move, they’re also hoping that they can hold on to these properties until the market improves.

It appears single rich guys plan to marry at some time and don't want a condo.