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.
What changes do you see happening in the East Village and Lower East Side these days?
A lot of people are migrating to the East Village because apartments there are more affordable. Also, the East Village is not considered as much of a fringe neighborhood as it used to be and is much safer than 10-15 years ago. That has made potential buyers more willing to go as far east as Avenue A and B. However, because the East Village and Lower East Side neighborhoods are less desired than say, Greenwich Village, there has been a gap between asking prices and offers. Developers tend to think that their product is the best available, so originally they did not price units to reflect the fact that the East Village and Lower East Side are typically not considered the most premiere neighborhoods. Now we are seeing these developments catering to buyers who would be priced out of more centralized neighborhoods and we’re starting to see buyers and sellers come together.
What advice would you give to a buyer looking for East Village or Lower East Side real estate deals?
My advice would depend on what the buyer is looking for – they definitely need to understand the neighborhood. Both the East Village and Lower East Side have flair and character, which is desirable and why I moved here years ago, but they are not centrally located in Manhattan, so buyers may be further from a subway than they would be in other neighborhoods. That said, if you don’t mind a walk-up or a non-doorman building, there could be better priced options in the East Village.
What advice would you give to an East Village or Lower East Side real estate seller?
Price is always the #1 reason an apartment doesn’t sell. It’s really important to be realistic about what you’re home is worth, especially in a neighborhood that isn’t considered to be premiere such as the East Village or Lower East Side. It’s hard for sellers because they typically love where they live and they believe their neighborhood to be the best. East Village and Lower East Side buyers are typically looking there for one of two reasons: they want to be a bit removed from the day to day hustle and bustle or they believe they will get better deals in those areas. Savvy sellers will understand a buyer’s mentality and price their apartment accordingly.
