As we all know it, New York real estate is quiet discouraging, but not impossible! When searching for starter apartments it is very possible to find something in your price range.
Median sales price: $289,000
It’s no secret that for most of us, the search for an affordable apartment is going to pull you deep into the outer boroughs. It’s best to start your search outside of Manhattan. Look deeper into south Brooklyn and the Bronx. The neighborhood with the largest inventory of apartments is Riverdale. The only down side is the Bronx neighborhood has limited transportation. There is a Metro-North stop and a 1 train stop outside of Van Cortlandt Park.
Median sales price: $274,900
This small and often forgotten Bronx neighborhood has the second highest concentration of affordable one bedrooms in the city. Prices tend to be cheaper than Riverdale also. Spuyten Duyvil has many hills and lots of green, with views of the Hudson and Harlem Rivers. The most affordable co-ops are found in medium-sized post-war buildings. There are limited transportation options, with the 1 train to the east and a Metro-North stop at the southernmost point of the neighborhood.
Median sales price: $1.25 million
For buyers committed to staying in Manhattan, a couple of neighborhoods made the cut. If you’re willing to comprise on size, Midtown East isn’t a bad place to look. Don’t expect a one bedroom unit here, stick to studios.
Median sales price: $1.047 million
Yorkville is another Manhattan neighborhood where you can snag a cheap, tiny studio. A buyer will want to target dense, pre-war co-ops. This neighborhood can also be a financial investment because of the opening of the first phase of the 2nd Avenue subway stops at 86th and 96th streets in the future. Yorkville also has good school and well as the beautiful 15-acre Carl Schurz Park, home to a riverfront promenade and Gracie Mansion
Median sales price: $345,000
If size is a bigger priority for you and you don’t mind a farther out location, look into Inwood and Washington Heights. The neighborhood also have natural charms like the Inwood Park, views of the Harlem River, and unique destinations like La Marina, a café which occupies 75,000 sq ft along the waterfront. The neighborhood is serviced by the 1 and A subway lines, although at the northernmost point of Manhattan, its still a long commute to places like Midtown.
Median sales price: $737,000
This South Brooklyn neighborhood features beautiful low-rise architecture, parks, tree-lined streets and a popular restaurant and bar scene. Its distance is further south and a quieter surburban feel.
Sheepshead bay/ Homecrest
Median sales price: $477,000
This neighborhood ranks third for the most affordable one-bedrooms on the market. This area’s greatest perk is its proximity to the water and the lush Marine Park. The trip to Manhattan is a long one though.
Median sales price: $359,000
Queens is gaining attention as an affordable option for buyers and Forest Hills is ranked highest in the Queens area. The apartment stock tends to be of good quality, with many larger, well-kept pre-war buildings. There is also good subway access, a Long Island Railroad line, and a nearby Forest Park.
Phil Stevenson, Principal Mortgage Originator – www.psreversemortgage.com/reverse-mortgages-in-los-angeles | Reverse Mortgages in L.A. , California | 601 S Figueroa St – Suite 4050, 90017
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