The New York City market can often feel like it’s moving and shifting at a breakneck pace, except for one rather unsettling constant: Everything is getting more expensive by the day. In search of a little guidance for new buyers looking to dive into the market (and maybe even find a deal), we rounded up wisdom from in-the-know real estate minds all over the city. Here’s what they told us:
WHERE TO POUNCE
“I think that the ideal spots for first time buyers would be in Murray Hill, Kips Bay or the Lower East Side. There is a pricing value there that can help a financially sensitive buyer stretch their money a bit and often times buy something for less than their current rent. All three areas have had steady appreciation over the past 5 years of around 3 percent and that trend looks like it should continue.” — Steve Snider, CORE
“Both the Financial District and the Upper East Side are home-runs in terms of investment. If your able to get in early on a new condo project with full service amenities and a relatively low price per foot you’ve done well. Typically, in these neighborhoods you’ll find more space for the cash.” — Brett Caspi, CORE
“I recommend the Upper East Side, especially to the East of 2nd Avenue. The non-doorman co-ops are more relaxed which makes it easier for first-time buyers. Plus there should be a nice upside after the 2nd Avenue subway opens at the end of the year.” — Cassie D’Agata, CORE
“The East Village and the Lower East Side continuously standout as two great neighborhoods to invest in. With an old New York feel and collection of boutique stores, restaurants and galleries, these two neighborhoods offer a first time buyer the opportunity to purchase while the development of these neighborhoods is still fairly in its early stages. Recent infrastructure and city planning projects in the East Village and the Lower East side further delineate signs that both neighborhoods are quickly transforming and real estate is on the rise.” — McKenzie Foster, CORE
WHERE TO PASS
“I would never advise a first-time buyer to pursue a search in the West Village, Greenwich Village, Soho or even Tribeca. They are the most desirable and popular areas of the city and you will pay a lot for a very very small amount of space.” — Adie Kriegstein, CORE