The NYC real estate market is starting to pick up some real steam, according to a recently published article in the NY Times. The piece, which goes on in some length about how open houses are being flooded (100s of visitors!), attributing the increase in market action to pent up demand from renters who are now seeing the rent-buy decision shifting in favor of buying (as rental rates have skyrocketed while interest rates have remained low). Apparently, NYC is now a pretty good buy.

“To start with, open house traffic for some properties has reached levels not seen even at the height of the market in 2007 and 2008. But buyers haven’t just decided to start looking at properties again; they’re actually buying. Bidding wars have become more common.”

But will this market hold up, or does everyone just have a touch of Spring fever?

“Jonathan J. Miller, the president of the appraisal firm Miller Samuel, warned that buyer exuberance could be short-lived. With Wall Street bonuses much smaller than in years past, the surge in buying is not likely to last long, he said.

“Also, once we hit summer, we’re going to see a lot more distressed properties hitting the market,” he said. “Even though Manhattan is not a hotbed of foreclosure, the world around us will be, so there’ll be more negativity in the air.””

Here at TopAgentGuide, we have seen a significant uptick in site traffic and activity–more than just being in the midst of the Spring season would imply. We’ve also seen the time between listing and contract shrink dramatically. Could this be the start of another run up in Manhattan prices?

Turns out that listing a home in the winter is not that bad of an idea. The CEO of redfin went and did some data digging and found that winter time is not a slow time. From the related article in the New York Times:

But instead of relying on “old rules of thumb,” superstition or real estate decisions “driven by emotion,” he said, he surveyed sales of more than 750,000 homes nationwide over a year. Mr. Kelman’s assumptions turned out to be untrue. Winter, his data showed, is the best time to sell. “People who list in winter have less competition,” he said, citing results released last month that define winter as December through February. “There is such a trickle of inventory that each one gets more attention.”

Lest you think that the suburbs, or worse, California, is just, well, different than Manhattan, appraiser-extraordinaire Jonathan Miller did his on data digging for Manhattan. There is some subtlety however:

By this reckoning, Mr. Miller said, the best time to list a home is “at the tail end of winter, just before the spring sales rush.” Locally, listings introduced in March sell the fastest, and March is also the month when most listings are introduced to the market. Based on the number of contracts signed each month, “ the spring is still the ‘Super Bowl’ of annual real estate sales,” Mr. Miller said. “June is the top month,” he said, for the number of contracts signed, “with March being the month that results in the shortest time on the market.” Homes put on the market in October take the longest to sell.

There are some other juicy tidbits in the article. Check it here.

To understand what’s happening in the market for Upper West Side condos and coops, we interviewed two award-winning Certified TopAgents who specialize in the area.

Doug Heddings, Charles Rutenberg Realty: Doug has been in the business for nearly 20 years and is an expert in the Upper West Side–for both condos and coops. In 2008, prior to joining Charles Rutenberg Realty, Doug received Prudential Douglas Elliman’s Legend Award.

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Lisa Lippman, Brown Harris Stevens: In 2007, the Wall Street Journal recognized Lisa as one of the top 50 brokers in America. She was named the Brown Harris Stevens West Side Office Broker of the Year in 2006, 2007 and 2008.

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What are some of Upper West Side’s defining characteristics?

Doug Heddings: As someone with a family and two kids, I can tell you there’s no other place I’d rather live in the city. My wife was born and raised on the Upper West Side, so she’s been here her whole life. The Upper West Side is a real Manhattan neighborhood.

The Upper West Side has luxury condos, co-ops, tenement housing, brownstones and townhouses, so you get a heterogeneous mix of people including single professionals, couples, young and old. There is great cultural, ethnic and socio-economic diversity.

The transportation on the Upper West Side is phenomenal. There’s the Central Park West lines (the 1, 2, 3) which are consistently rated the top lines in the city. The express subways at 72^nd and 96^th will take you Downtown – I can get from my office to exclusive properties in the Village in about 12 minutes. Even better, the Upper West Side has two parks, Central Park – which is phenomenal and famous worldwide, and Riverside Park which is our little, hidden gem. The city has connected the Hudson esplanade from Battery Park, and this Spring they’ll be putting in a new path that is suspended over the water that will take you all the way up to the George Washington Bridge. It’s a great place to train, bike, or run. You can bike to the Palisades if you want.

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Lisa Lippman: I would describe the Upper West Side as “leafy.” It’s quiet but active, and very residential with few office buildings. The neighborhood has lots of older buildings with very pretty architecture which adds a certain charm. The Upper West Side has a lot of services. There are wonderful stores, markets, and restaurants, but not so many that it is overwhelming.  There are not many high-rises, so there is a lot of light. What I like about the Upper West Side is that you’re never too far from a park because the neighborhood is so narrow. You either have the Riverside Park or Central Park, and even in between, you can find some playgrounds. There are a lot of great public and private schools, as well as services for children. For culture lovers, there’s the Historical Society, Carnegie Hall and the Met. In addition to being a great place to live, the Upper West Side is very accessible to the rest of Manhattan. The subway runs down Broadway and the bus system is convenient, as well.

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To understand what’s happening in the West Village real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Alex Nicholas, The Corcoran Group. A native New Yorker born in Greenwich Village, Alex has guided sellers and buyers in over 400 transactions in the past 13 years in Downtown Manhattan. The West Village is one of the core markets in which he specializes.

Glenn Norrgard, Sotheby’s International Realty. Since 1994, Glenn has focused his business Downtown and has completed several hundred transactions in the area. He is considered one of the most knowledgeable Downtown agents.

Meris & Kenny Blumstein, The Corcoran Group. Meris and Kenny are Downtown experts. In 2008, they were ranked as one of the Top 100 teams in the country by the Wall Street Journal. To date, they have closed over 750 transactions.

Tom Cooper, Sotheby’s International Realty. As a Downtown resident, Tom is intimately familiar with the West Village. He is Sotheby’s representative in the Greenwich Village Society for Historic Preservation Broker’s Committee. He has sold over $50 million of Downtown real estate in the past three years.

What are some of West Village’s defining characteristics?

Alex Nicholas: The streets in the West Village are unlike anywhere else in the city. They are all different and crooked, so you don’t have a lot of proper cross streets, which makes the neighborhood very quiet. The West Village has all sorts of nooks and crannies, cool, boutiques, great restaurants, tree-lined streets and lots of townhouses and single family homes. There are quite a few buildings still intact from the 1920s, 30s, and 40s, so it’s got a very special, unique, old-world European charm that people have loved for a long time. The West village has a great mix of all types of New Yorkers because the neighborhood has something for everyone. Hudson park and the Meatpacking District are nearby, and the neighborhood has access to the 1, 2, 3 and the A, C, E subway lines. Along the Westside highway, you’ll find ultra-luxury buildings and beautiful townhomes. It’s a place where people can go to hide and escape the hustle and bustle of Manhattan. Because the West Village is so desirable, the area is expensive.

Glenn Norrgard: The West Village truly is a neighborhood and a village. It’s the type of place where you know your neighbors. There are tree-lined, cobblestone streets and lots of great bars, restaurants, shops and convenience stores. There’s an informal quality of life that’s difficult to capture in other parts of the city. West Village residents have access to the riverside park which is great. Farther west, public transit doesn’t cut through it, so it’s been able to retain its neighborhood feel.  There are good school systems and it’s one of the most valuable areas of real estate in Manhattan.

Kenny Blumstein: I would describe the West Village as historic, intimate, quiet and friendly.  It’s well-preserved and protected because, depending on location, you may have to walk several blocks to get to transportation.

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Meris Blumstein: It has the feeling of a village and is very different than any other neighborhood in the city.  Nearly all of the buildings are low-rise buildings. It’s quiet, friendly and has a huge number of excellent restaurants. There is no other neighborhood like it in Manhattan.

Tom Cooper: The townhouses of the West Village anchor the neighborhood’s charm. In recent years, many of these have been returned to single family homes.  Older luxury buildings, like 299 and 302 West 12^th, as well as 45 Christopher–all Bing and Bing pre-war buildings, are highly valued for their understated elegance. Newer condominium buildings, like Superior Ink and the Richard Meier buildings, have added many more extremely high-end condominiums to the market.

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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 Flatiron & Union Square real estate markets, we interviewed several award-winning Certified TopAgents who specialize in the area.

Holly Parker, Prudential Douglas Elliman: Holly is an award winning member of Prudential Douglas Elliman’s Pinnacle Club. She in the last few years, she has sold several dozen homes in the Flatiron and Union Square neighborhoods.

Tracie Hamersley, CitiHabitats: Tracie has been the top agent in her brokerage’s Gramercy office on multiple occasions. She is a condo owner in the Flatiron District and has sold over $75 million worth of real estate in the past six years.

Ivana Tagliamonte, Halstead Property: Ivana was the Halstead Village offices’ top agent in 2008. She specializes in the Gramercy, Flatiron, Union Square neighborhoods.

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What are some of Flatiron and Union Square’s defining characteristics?

Tracie Hamersley: Flatiron has a slight industrial feel and it’s a business center.  Of course, Flatiron has the Flatiron Building, which is my favorite landmark in NYC.  Madison Square Park has been cleaned up and is amazing. The park isn’t just for families, but also hosts concerts. Shake Shack in the park is a big draw as well. Flatiron is centrally located – all the buses and subways stop along the 23^rd street line.

Ivana Tagliamonte: Flatiron is unique because there are a lot of older loft buildings that have been converted. That means that you can find tremendous Flatiron homes with large windows and high ceilings.  Flatiron offers a great opportunity for people looking for two to three bedroom homes – there are some great values.  Flatiron feels like Tribeca, but it’s in the middle of everything. Union Square is always going to be popular.  Between the green market, the Union Square renovation, and the Tiffany’s building renovation, there is a lot going on at Union Square these days.  Everyone wants to live where the action is, and Union Square is certainly a prime location.

Tracie Hamersley: Union Square is a great outdoor space.  Many people forget that there’s more green space in New York than just Central Park, but Union Square is great because there is so much activity there. The area has Whole Foods and Trader Joe’s on 14^th Street and is a great meeting space. There’s a lot of personality and a great mix of people at all times and that is reflected in the different types of properties in the area and adjacent streets.

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To understand what’s happening in the Gramercy real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Holly Parker, Prudential Douglas Elliman: Holly is a member of Prudential Douglas Elliman’s Pinnacle Club.  She is a long-term Gramercy resident and has completed dozens of deals in the neighborhood.

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Ivana Tagliamonte, Halstead Property: Ivana was the top agent for the Halstead Village offices in 2008.  She is a well-known Gramercy-area expert.

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Tracie Hamersley, CitiHabitats: Tracie has sold over $75 million worth of real estate in the past six years.  She has been the top agent in CitiHabitat’s Gramercy office on multiple occasions.

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What are some of Gramercy’s unique characteristics?

Ivana Tagliamonte: Gramercy has a lot of historic co-ops as well as some prestigious full-service post-war co-ops.  There is a charm about Gramercy, probably associated with Gramercy Park (the only private park in NYC). You don’t have to be on the park to appreciate it because the neighborhood has a lot of beautiful townhouse blocks – East 19^th is known as “Block Beautiful.” What makes Gramercy so unique is that it is not only a historic neighborhood, but it also has great amenities, including top restaurants, boutiques and services—and is one of the most centrally located neighborhoods in the city.  You are steps away from Midtown, the East Village, Union Square and the West Village.

Holly Parker: Gramercy Park is just beautiful. If you’re a Downtown person and you want to be able to walk to great restaurants and a farmer’s market, Gramercy is ideal. The area offers an amazing quality of living.

Tracie Hamersley: It’s diversity makes it unique. You can’t put a label on Gramercy.  You’ve got University students, people who have lived there for 40 years, families, singles and professionals – you really have every type of person.

What do you see happening in the Gramercy market these days?

Tracie Hamersley: There simply aren’t many Gramercy homes – studios, one or two bedrooms – on the market. There are even fewer large Gramercy homes. Prices have come down, but now there is less room to negotiate than there was a few months ago.

Ivana Tagliamonte: The Gramercy home market is still very stable.  There is still low inventory around Gramercy Park and the more coveted buildings have very few units available. That said, you can find values and great opportunities.  For example, there is potential to purchase in some premiere, new developments at the same price they were sold for several years ago. Because you would not be buying from the developer, you would not have to pay the 2-3% closing costs that the original buyer paid.

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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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To understand what’s happening in the Financial District & Battery Park City real estate market, we interviewed two award-winning Certified TopAgents teams who specialize in the the area.

Jon Phillips & Ginnie Gardiner, Halstead Property: A husband and wife team, Jon and Ginnie almost exclusively represent sellers and developers.  They helped conceive of the 50 Pine Street condominium conversion project and then sold out the building.  They have extensive experience with new condominium developments and are members of Halstead’s Gold Circle, Platinum Circle and Producer’s Council.

Paul Gavriani & Vincent Falcone, The Corcoran Group: Paul and Vincent lead a team of seven agents. Since 2006, they have been members of Corcoran’s President’s Council (Top 25 agents in entire company).  They have extensive experience working with investors and first-time buyers who typically are the primary purchasers in the Financial District.

What makes the Financial District different than other neighborhoods in New York City?

Paul Gavriani: Obviously, you have Wall Street there…this area is where many of the international banks and financial institutions have their offices. However, since 9/11, the Financial District has become much more of a residential area. New York City enticed residential development in the Financial District by offering developers tax abatements, such as the 421-a tax abatement.  For ground-up development, the abatements typically last 10 years but in the Financial District, New York City provided up to 12-15 years of abatement, so that attracted a lot of buyers. New York City wants to make the Financial District an 18-hour neighborhood. They have tried attracting retail stores to provide the services that are necessary to live in the area—such as grocery stores.  However, quite a bit of the retail that has leased space in the Financial District has been more high-end retail, such as Tiffany’s, not the everyday services that people who live in the neighborhood want.

Jon Phillips: The Financial District has great ambiance and architecture. You have the Seaport, a number of parks and a large amount of restaurants. Still, the retail element is mostly missing. The residential market in the Financial District has the potential to be very vibrant if the City could figure out the symbiosis with the retail aspect. The retail never came in to support the residential development. There should be a Whole Foods in the Financial District just as much as “Pink” Shirts. They need the basics; they need the neighborhood stores. If there was that support, and the educational support was maintained, the Financial District could become a new, vibrant area. It’s halfway there, but having an awkward adolescence.

Paul Gavriani: Battery Park City is next to the Financial District – you simply need to cross West Street – but has a much different feel. Battery Park City started as 27 acres of landfill from the World Trade Center development project. New York City literally built more land onto the island. The City leased the land to developers who build condos and rental buildings. Because the land is owned by the state (which acts as a landlord of sorts), property owners don’t pay taxes to New York City.  Instead, they pay PILOT — Payment in lieu of taxes.  PILOT is much higher than the taxes you would pay in other neighborhoods, so the cost of ownership is pretty high. On the upside, most of the buildings are relatively new and have great amenities, and the physical space, with its parks, waterfront, and art is fantastic. It’s a relaxing neighborhood and right next to the Financial District.

What are you seeing in the Financial District market these days?

Ginnie Gardiner: It is rough in the Financial District these days. There is a serious inventory issue, so supply far outweighs demand.

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To understand what’s happening in Harlem’s real estate market, we interviewed several award-winning Certified TopAgents who specialize in the the area.

Tony Oakley, The Corcoran Group: For the past six years, Tony has worked on numerous new development projects in Harlem.  He is an expert at understanding the inventory and pricing trends in the Harlem condominium market and is a consistent member of Corcoran’s Multi-Million Dollar Club.

Julia Boland, Halstead Property: Since moving to Harlem a few years ago, Julia has become one of Harlem’s most active and knowledgeable agents. She leads a team of experienced agents and is regularly sought after by the media regarding Harlem’s latest real estate trends..

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Dianne Howard, The Corcoran Group: Dianne is a long-time Harlem resident.  Since she began her career in real estate, she has focused much of her business in Harlem due to her intimate knowledge of the neighborhood.

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What are some of Harlem’s special characteristics?

Julia Boland: The first thing that I noticed in Harlem was how wide the streets are because the boulevards in Harlem go both ways.  The sidewalks are larger, too.  Not only does that make it easier to get to the established infrastructure of bus lines and subways, but it also means there is more light in people’s apartments.  Also, the type of housing stock is different.  Unlike the rest of Manhattan, which is primarily co-ops, Harlem is primarily condos and townhouses.

Tony Oakley:  Harlem has an immense amount of diversity among its residents.  Also, there are primarily low buildings, so there’s a lot more sunlight in the apartments.  There are more townhouses than in other areas.

Dianne Howard:  Harlem is more affordable than many other neighborhoods in Manhattan.  You tend to get a lot of first time buyers in Harlem because you get more space for the money.  Harlem is also quieter than many of Manhattan’s other neighborhoods, which gives it a great, neighborhood feel.  You don’t see 50-story apartment buildings like you would elsewhere.  It’s townhouse living in Harlem – most buildings are under 12 stories.

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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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