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Breaking news: "Buying a Manhattan apartment is expensive!" A report released over the weekend puts the average price of a Manhattan apartment over $1 million, a number that is up 15.3% from $903,259 in 2003. Availability for apartments fell 23% in the last quarter of 2004, which can't help with prices.
Some real estate types are saying that people's best bets for owning a place in the city lie in the Upper East Side (but not really, given how boring and homogenous some areas are), upper Manhattan, and the outer boroughs. Also, rents in chi-chi areas are scarily expensive as well - we're talking $6000/month lofts in SoHo and Tribeca. Leading the boom outside of Manhattan is Fort Green, Brooklyn, Curbed's Neighborhood of the Year, where average prices there were up 35% in 2004.
Though some facts and figures say that co-ops are better buys than condos, many co-ops have big maintenance and carrying costs to deal with, and the hassle of dealing with a co-op board might not be worth it to some, while potential tax deductions might make those issues well worth it for others.
Check out Ask Gothamist's guide to NYC real estate, and proof positive that real estate in NYC is scary: Curbed.
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Right... right... because no mention of NYC real estate could exist without a dig at the UES. Well, I'll tell you; I'm up there and I love it, I can walk for miles before I see Docs and a Che t-shirt.
The Upper East Side is okay, but I wouldn't want to live there. I agree that it's just too bland. One street looks like the next. Give me lower Manhattan anytime. Little Italy, Chinatown, the Lower East Side - places like that have character and the patina of age.