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Laela, Other/Just Looking in 10011

What neighborhoods in Manhattan are the best deal to buy?

Asked by Laela, 10011 Mon May 21, 2007

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12
Inwood and Washington Heights. More and more people are looking up north and find a lovely, safe neighborhood with reasonable prices. Prices in washington Heights went up with 43 % last year, Inwood with 19%
It's my neighborhood as well.
3 votes Thank Flag Link Tue Aug 7, 2007
Upper Manhattan including Washington Heights, Hamilton Heights and East Harlem
Web Reference: http://mitchelljhall.com
3 votes Thank Flag Link Wed May 23, 2007
Mitchell Hall, Real Estate Pro in New York, NY
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Two things define a good deal:

Great $ Value with long term upward potential
but tumping that much more
It is not a deal if you don't like the area and don't want to live in it. Kinda like buying an ugly dress on sale,,,sure it was cheap but do you want to be seen in it!

Having said that:
E20s & 30s for more developed areas, the coming of the 2nd ave Subway (Yeah I know...if) will enhance values all along the Far East side. THe 20s & 30s are a god value play, so is Upper East in the 60s & 70s from 3rd to 1st Ave.

Harlem for new developments--a bit overbuilt now but that will pass.

Financial district has great deals, and 5 years from now many will be kicking themselves for missing out.

Remember you will live in it, it is your life. An eye for investment is good, but not at the expense of multi-year unhappiness.
1 vote Thank Flag Link Tue Feb 16, 2010
Well, it really depends Laela - on what you consider a great deal... Do you want a new construction, or a large / townhouse / brownstone, for renovation?
It all depends on whether you care more about location, square footage, Long-Term stability, Or a quick turn around sale.
If you can hook us up with some ideas as to what your goals are, perhaps we can answer your question better.
1 vote Thank Flag Link Fri Jun 1, 2007
Financial District near the Civic Center is going to be a great deal in the upcoming years. The neighborhood feel from TriBeCa is expanding over East. Also, it's always a great bet to be near the subways. That will never go down in value.
0 votes Thank Flag Link Thu May 8, 2014
Uptown along the riverside with views. If you could find one and hold on to the property for the next coming years it will turn out to be a great investment
0 votes Thank Flag Link Tue Feb 26, 2013
I think Richard and Filippa gave you great answers.

I would add that the 3 factors that seem to be likely to make an impact on property values in hyper-local neighborhoods in the coming years are:
a. development at Ground Zero bringing in huge numbers of new corporate employees to a neighborhood with limited residential supply
b. massive development at the westside rail-yards in Hells Kitchen.
c. the operation of the new Second Ave subway. Until it actually starts moving people from north to south, I don't think it will have much impact on prices or values but once it does start rolling, I think from Second Ave to the East River we are going to see values rise.

That's not to say that these are the "best deals" but it does suggest that investing in these areas now might offer a higher level of appreciation for those who can wait than purchases in stable locations would offer.
0 votes Thank Flag Link Sun Jan 27, 2013
Dear Laela,
it all depends on what you mean with "the best deal".

Buying an apartment is both a very important investment decision and a very important life decision.

Is the Best deal the amount of space you will get for your money, a lower price per square foot?

How long are you planning to stay in the neighborhood? Do you want to buy in an up and coming neighborhood and are willing to live through construction and current lack of transportation for a few years to be able to see the value of your property rise significantly, years from now, or do you want/need certain things right now?

I agree with Richard, buying a property ''on sale" can be like buying a dress "on sale". If you are willing to wear that cheaper dress for a while waiting for it to come back in style, you will be able to get a great price now, if not, a better deal for you is to buy into a nice neighborhood.

My advice would be to start working with a buyers broker who can guide you through the process and help you find the best deal for you!
0 votes Thank Flag Link Mon Nov 15, 2010
Has anyone looked into the Financial District? I used to live down there and just as I moved, they were building tons and tons of new condos. My thought was: how are they going to sell all these condos at the price they want? Does anyone know if the prices have come down? My friend's building is half empty. Has anyone been looking?
0 votes Thank Flag Link Tue Apr 29, 2008
Hey Laela.
How about a different option for you that no one has mentioned yet. As good as Manhattan is, many people are just priced out of it. Have you ever considered Long Island City, its a 7 minute commute to midtown, you have much better views looking at the city, as opposed to you living in the. Lots of new construction, the area is growinig and changing at a quick pace and is probably one of the best investments you can make now.
Let me know if you need more info, they have tours I can set you up with.
0 votes Thank Flag Link Mon Apr 28, 2008
At the end it is always: you get what you paid for.

Having said that, I would not jump too high Uptown.
0 votes Thank Flag Link Mon Apr 21, 2008
Laela,

I couldn't agree more with Pierre. However, I am sure you are looking for a quick and dirty answer to the general consensus of "affordable" NYC neighborhoods:

Spanish Harlem
Inwood
Chinatown

I hope this was of some help!
0 votes Thank Flag Link Wed Jun 6, 2007
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