More or less, Yes.. Every area including Greenwich Village is feeling the pressure of the decline in the economy. Foreclosures are not as wide spread in the NYC area as the outerlying areas of Manhattan, but some experts say it will in time. If you look at bank web sites for forclosed properties in NYC... their is not too many of them. With the incline in sales for Feb. I am hopful that the NYC real estate market will recover quickly from the downfall. I hope I was able to shed some light on your question
I agree with Jenet, the answer is no. The Village is and will always be a highly sought after area. There's more co-ops then condos or new development in the area which insulates it from financial issues that a home buyer might have. The price per square feet is holding strong and has not decreased compared to other parts of the city. It's a great area to purchase and it's a great area to live. If I may be of service feel free to contact me anytime. If you are searching for a good mortgage broker feel free to contact Patricia Lavigne of Manhattan Mortgage sheâ€™s at 212-745-9012 or firstname.lastname@example.org. Please note that I do not receive any compensation for referrals. Best of luck and Iâ€™m here if you need anything.
Licensed Real Estate Salesperson
Actually, the answer is no. The reason for this is that there are not many condos in the Village, but rather co-ops. Co-ops were tradionally stricter in their financial qualifications than lenders. They require at least 20% down and have debt-to-income ratio requirements as well as requirements for significant liquid assets after closing costs.