Market Conditions in 10001>Question Details

Nathan, Home Buyer in New York, NY

What are the low risk manhattan neighborhoods in terms of a housing downturn?

Asked by Nathan, New York, NY Fri May 2, 2008

I heard that the village kept it's value well during the last downturn in the 90's. But of course during the latest boom, places like Harlem shot up in value the most. If we're about to enter a downturn, what are the best areas to hold value?

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Answers

4
Hey Nathan,

I think it's a great question with a very simple answer. Areas that are not prime, will see the largest downturn. Areas which are prime, will remain prime. Upper East Side is voted one of the best neighborhoods to raise a family. Tribeca was voted by Forbes as the most expensive zip code in New York and I believe America, West Village has everything, Soho, Bowery, Chelsea, Meat Packing these areas are going no where. Most will dip, but very minimal.
0 votes Thank Flag Link Tue Sep 30, 2008
it's all about inventory. in neighborhoods like gramercy park you will never see a decline because a very desirable place to live and their aren't many places available.... period. Plus - Friend of a Farmer rocks for brunch and it that's worth at least a 5% premium.
0 votes Thank Flag Link Mon Sep 29, 2008
Nathan,

Good question.
It is a fact. This city has occasional dips for a two year period every ten or twenty years. The nthings continue to rise over the remaining period and a SMALL dip again for a year or two.

There are some areas which will and have never fallen far.

Anything along a park. Central, Madison, Gramercy, Washington Square come to mind.
Anything which has exceptional value.- Superior design, amenities, natural light, views (everchanging in this city, so think outside the box here), location (prime subway access like Columbus Circle or Union Square)
The Village has always perfomed well. With the Sex and the City movie coming out, I know it will out perform many other areas when we see a small dip in the third and fourth quarter this year.
Gramercy is a stud! It is the area where people may look for years just to get a key to the park.
Chelsea is another area that should hold up well.
UWS is a timeless classic that with two different trainlines (IND and IRT) will always hold strong as it is bordered by two great parks.
0 votes Thank Flag Link Mon May 19, 2008
Good Question, the Manhattan core holds value well close to transportation (below 110th in the west side and 96 street and below in the east side) , best areas - 5th avenue , park in UES always hold good value even during recessions , a bit so for UES and UWS as long as your not far from transportation. Areas to watch include harlem and inwood and washington heights which decline price-wise firstly when gentrification occurs. A bit more information is needed but yes this is generally correct.
0 votes Thank Flag Link Sat May 3, 2008
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