To understand what’s happening in the Washington Heights real estate market, we interviewed an award-winning Certified TopAgent who specializes in the area.

Kelly Cole, The Corcoran Group: SVP and member of Corcoran’s Multi-million Dollar Club and Corcoran’s Advisory Council, Kelly is considered to be the firm’s resident expert for Washington Heights. Because she also owns and lives in Washington Heights, Kelly has a detailed, intimate perspective on specific apartments, buildings and blocks throughout the area.

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What are some of the unique aspects of Washington Heights?

Washington Heights has two distinct residential pockets – the Southern part, located in and around the Audubon Park Historic District, and the Northern part, located between 181^st Street and 192^nd Street. Most Washington Heights co-ops and condos rest within these areas.

The Northern pocket of Washington Heights, commonly referred to as Hudson Heights, is charming and quiet.  There are beautiful wide, tree-lined blocks with well-kept buildings mostly of the Deco era.  You get lots of sky.  There are two main thoroughfares, 187^th and 181^st, that have shopping, restaurants, pet stores, wine shops, a high-end spa – all of the amenities you would want and expect from the Upper West Side only on a smaller scale.  It’s only 20 minutes to Midtown on the A Train; farther East you can get the 1 Train.

Hudson Heights has a sweet “village” feel, similar to some Brooklyn neighborhoods.  There are a lot of great parks and being the highest point in Manhattan, the vistas are breathtaking. Because the neighborhood is north of the GWB and because there is very little high-rise development, any riverfront home has amazing views of the Hudson River and Palisades.

How would you describe the Southern pocket of Washington Heights…how are homes in the area different?

The Southern pocket of Washington Heights, The Audubon Triangle, is located west of Broadway between 155^th and 160^th Streets.  It includes the Audubon Park Historic District and is teeming with glorious pre-World War I buildings.  It has some of the premiere, well-established Washington Heights co-ops which offer full-time doormen, and amenities such as garages and gyms. The pre-war Washington Heights homes in the Southern pocket include classic six, seven or eight room apartments, which are rare anywhere North of here. Many pre-war rentals have been converted to condominiums here which affords buyers yet another option when looking to purchase a Washington Heights home.

There are fewer upscale dining options here than in Hudson Heights, but there are certainly plenty of shopping and food options. The growth here has been slow, steady and organic, which is why I think these Washington Heights homes have held their value reasonably well and appreciation potential is huge.  The Audubon Triangle, while strictly residential, has a decidedly urban vibe.

What are you seeing in the Washington Heights home market these days?

Prices for Washington Heights homes have come down, as they have throughout Manhattan, but I think we’re at or near the bottom.  Price per square foot for a Washington Heights home has dropped to a range that is more consistent with $500-550 psf, whereas before it was $650-750 psf.  In terms of activity, I’m definitely seeing an uptick. Deals are happening more easily now – as long as sellers acknowledge the new realities in the market.  Large Washington Heights homes are attracting buyers who are still priced out of the UWS for classic six or sevens.

What advice would you give to a potential Washington Heights home buyer?

Determine which pocket of Washington Heights best suits your lifestyle. Which subway line is best for you to be near? Are you a nester, or do you want to have a handful of restaurant choices outside your door? Do you want to re-sell quickly or stay in the neighborhood for a while?  All of this is important because the vibe from lower to upper Washington Heights is very different, and they attract disparate personality types. Additionally, if you regularly travel outside the city to New Jersey, upstate NY, Connecticut for example, Washington Heights is ideally located to avoid city traffic and extended commute times.

What advice would you give to sellers of Washington Heights homes?

Because prices have come down on the Upper West Side, sellers of Washington Heights homes are competing with those sellers.  For example, a buyer can get a one bedroom on the UWS for $500k or less now, however the apartment will probably be small (600 square feet, if you’re lucky) and in a non-doorman building. A similarly priced Washington Heights home might be 1,000sf and be in a doorman building. It is important for sellers to market their property in a way that highlights the reasons (i.e. apartment size, neighborhood feel, amenities) that make it worth traveling an extra two or three stops on the subway.

To understand what’s happening in the Inwood real estate market, we interviewed an award-winning Certified TopAgent who specializes in the area.

Kelly Cole, The Corcoran Group: Kelly has been representing buyers and sellers in Inwood and the Upper West Side since 2003, with over 300 deals to her credit. She is a member of Corcoran’s Multi-million Dollar Circle and has served on Corcoran’s Advisory Counsel. Because she also lives in Upper Manhattan, Kelly has a detailed, intimate perspective on specific apartments, buildings and blocks throughout the area.

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What are some of the unique aspects of Inwood?

I refer to Inwood as the last great frontier in Manhattan in terms of value and untapped possibilities.  It’s the Northern-most neighborhood in Manhattan. West of Broadway is strictly residential, but there’s a large area along Broadway and on the Southern border with shops and restaurants. On the Western border sits bucolic 196-acre Inwood Hill Park offering Manhattan’s only salt marsh along with great hiking trails, eagle watching, dog runs, ball fields and outdoor Shakespeare concerts.  It really is the heart of the area, and the anchor of this close-knit community.

What is important for a potential buyer to know about the Inwood home market?

Inwood has become a destination for people who want to live in Manhattan, but are either priced out of lower Manhattan, or want a calmer place to call home. In terms of prices, no other neighborhood offers the value that Inwood homes do. You can find real quality homes for $400 psf or less, if you are lucky.

Inwood homes are mostly low-rise co-op buildings from the Art Deco era. There aren’t many condos in Inwood. The streets are wider, there are a lot of single family homes peppered throughout some of the blocks – but they never seem to be for sale! You get tons of sky, fresher air, and it just feels different – as I say, Inwood is in Manhattan, but not of Manhattan.
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To understand what’s happening in the East Village and Lower East Side real estate markets, we interviewed an award-winning Certified TopAgent who specializes in these areas.

Anna Shagalov, Halstead Property: Anna has been representing buyers and sellers in the East Village and Lower East Side for almost a decade. She is a member of Halstead’s Platinum Circle, Gold Circle and Producer’s Council. Further, as a resident of the East Village, she intimately knows the local community.

What are some of the East Village and Lower East Side’s defining characteristics?

Both the East Village and Lower East Side offer terrific amenities. Just about every block in both the East Village and Lower East Side has a bodega, deli, laundromat and dry cleaner. Also, both areas are becoming destination spots for dining–the restaurants here are amazing.

The shopping is a little edgier, but the more well-known boutiques are starting to appear. In terms of transportation, the B,D,F, and V trains stop in both the East Village and the Lower East Side and, once you get to know them, they are great because they are some of the only subway lines that run diagonally through the city.

Both the East Village and Lower East Side neighborhoods have traditionally been considered rental neighborhoods. When rental buildings in the East Village and Lower East Side were converted to homes, most were converted into co-ops. Today, we’re seeing rental buildings in these neighborhoods being converted into condominiums but there are still more co-ops in the East Village. Buildings in the East Village tend to be small, walk-up tenements, so they cater nicely to first-time buyers and those looking for more affordable housing.

The Lower East Side is undergoing quite a bit of change. Today, the Lower East Side is a trendy neighborhood; it is edgier and has more flair than some of its surrounding neighborhoods. There has been a good amount of development in the Lower East Side recently, both for new condominiums and for high-end rentals. New developments in both areas tend to have more of a loft feel.

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Given the recent turmoil in the real estate markets, we sought the advice of two Certified TopAgents who specialize in affordable and entry-level Manhattan homes/apartments:

Gary Brynes, The Corcoran Group: A Manhattan real estate agent since 1975, Gary has helped hundreds of clients buy and sell entry-level homes.  With over 1,500 career transactions, Gary is one of the most experienced agents in the city. At Corcoran, he has been a Multi-million Dollar Circle Award winner every year since inception.

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Michael Steinberger, Charles Rutenberg Realty: Prior to becoming a real estate agent, Michael was a top mortgage banker.  His expertise obtaining financing is particularly important to first-time NYC buyers who are stretching their limited savings to maximize the home they can purchase.

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What are you seeing in the market for affordable Manhattan condos and coops these days?

Brynes: The under $500k market has been the most solid aspect of the market.  More transactions are being completed in the affordable sector than in any other and I think that the value might have held more for homes under $500k than in other price ranges.  People want to buy now because rates are low and they think it’s a good time to buy, but for some people, the discounts that they need to buy are so great that buying simply is not possible.

Steinberger: The market for entry-level Manhattan homes has certainly picked up.  Prices are still negotiable but good deals aren’t going to last because the market is extremely deep. Unlike in other price ranges, you don’t need to make millions of dollars a year to buy a $500k apartment, so there is a large buyer pool.  Since this is the entry-level price range in Manhattan, it’s where most buyers start their search.

For buyers, are there deals to be had at the lower-priced end of the market? What does someone need to do to find and lock up such deals?

Steinberger: Now is a good time to buy a Manhattan home for a few reasons.  First, rates are still very low – around 5%. A year or two ago you would have paid 6%, so rates are very attractive.  Second, there are some tax credits currently available, but they are about to expire, so buyers should take advantage now.  Essentially, if a buyer is purchasing their first home within the past three years he or she may be eligible for up to a $8,000 tax credit. The market is improving but there is still some fallout from the recession, so there are still opportunities for buyers to find a great deal for “inexpensive” Manhattan apartments under $500k.

Brynes: Prices are lower than they have been for quite a while so now is a good time to buy. That said, finding a “steal” in Manhattan is extremely difficult because of the breadth and depth of the market.  There are values to be had, however.  You have to be patient in your search but when you do find a good value, you have to move aggressively because other people are looking for these values as well.

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