NY: Bargain Basement Prices – Studios for As Low As $200K

New York Studios For SaleWHEN New York’s real estate market was at its dizziest height, $1 million studios had become routine and buyers with less than $250,000 to spend were almost surely headed out of Manhattan, perhaps even to another state.
iPhone App

But in a clear sign that the city’s recovery is still elusive, the studio market has gone soft again — just as it did in the last recession. Prices have dipped to 2005 levels, making it possible to find studios in Manhattan in the $200,000s — lots of them. And they don’t all face a brick wall or involve a lengthy hike to the subway.

The average price for studios dropped to $404,326 in 2010, from a high of $500,479 in 2008, according to the Douglas Elliman Report, an analysis of the decade’s sales data. A recent search of Manhattan listings on The New York Times real estate site and on Streeteasy.com found close to 200 studios available for $300,000 or less. An article about studios in The Times in 2009, before the market had bottomed out, found only a handful of studios in that price range.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Full Story from The NY Times

Click here for gay realtors, mortgage lenders, and other real estate professionals in New York.

If you have a gay real estate story that you’d like to share with us, contact us at info@2016.gayrealtynetwork.com

Leave a Reply

Your email address will not be published. Required fields are marked *