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Health & Fitness

Irreverent Real Estate: Yes You Can! Buying an Apartment in NYC Now Despite all the Fuss

An inside look at NYC Real Estate: separating the sense from the nonsense

Dear Readers,

The market in New York right now can be about as fun for middle class buyers as wearing underpants two sizes too small. You thought you were doing ok financially before you started looking for an apartment... and now your ego has taken a beating and you are convinced that you are, in fact, broke. Since when did having over 100k to put down on a place with some left in the bank afterwards and an income, which elsewhere would allow you to live in a gabled manor, become this sort of weird nyc neo-poverty?

   I have good news. You're not really broke. You just think you are. And if shopping for a home has left you feeling low, I suspect you may just be getting off at the wrong stop on the subway. There was a recent article that was posted and reposted by people I know on Facebook about how New York has one of the biggest income discrepancies in the country. No duh. You've noticed yes? If you take a long ride on the train you'll see it.

There's the haves, have-a-littles, have-a-little-lesses, and then there are the have-so-much-that-they-could-trade-their-watch-and-boots-on-the-spot-for-the-train-car-you-are-sitting-ins. If that's not you then you don't want to be competing with these people for anything that involves money.  And if that is you? My list below would represent superb investment for you.

 So there we are. The super rich of the world are here trying to capitalize on low interest rates in New York City right now like everyone else. And yes, that means that prices are higher, and unlikely to come down again. Though you will notice that all the Bergdorf Goodman shopping bags are getting off at the same stops. And if you stay on the train through another song or two...when you get off you may discover you can afford to live in that place. And is that really so bad? 

 So here's my short list of neighborhoods you might want to consider if you are looking to buy now and don't have the Midas budget required to live in the more popular bidding-war areas. I have tried to omit the places that are considered "hot". 

 These areas also reflect a diversity of price point- they're just not on the 'prime' radar at work right now.

 In Brooklyn, I like: Crown Heights, Kensington, Bed Stuy, Brighton Beach (yes that's right), Brooklyn Heights, Downtown Brooklyn, Boerum Hill, Bay Ridge, Midwood, Ditmas, Prospect Lefferts, Windsor Terrace, Prospect Park Southwest, Sunset Park.

 In Manhattan there is: West Harlem, East Harlem (esp. near 5th ave) Chinatown, Inwood, the Upper East Side, Turtle Bay, Gramercy, Morningside Heights, the East Village and the Financial District, Midtown, Yorkville.

 Also, whatever your Manhattan-born friends may tell you.. Queens is cool too! Don't be a snob! It used to be that Queens was widely considered boring because it was kind of family oriented and the crime rate was just too low to be sexy in a Hollywood way. Jackson Heights has amazing amazing food, Astoria is close to the city, has awesome food too, and nightlife, and Forest Hills is friendly, community oriented and well priced. Queens is growing in some interesting ways right now.

 So don't believe the hype. There's a place for you. It may just be adjacent to the place for someone else and it may be different than your fantasy neighborhood, but I guarantee that once you settle in, you'll come to love it, because you'll make it yours, and it will become your home.        
  
Thanks for reading, Alexandra Florio;
the Corcoran Group
646-269-1072 

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