WHEN 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.
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.
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