This contemporary one bedroom, one bath in Brooklyn has a view of Sheepshead Bay, hardwood floors, recessed lighting and oversized windows that run three-quarters of the height from the ceiling to the floor. The kitchen has granite countertops, customized granite tile back splash and stainless steel appliances. The fully tiled bathroom has a glassed in tub/shower, granite counters and a pedestal sink. This unit also has a private balcony.
The Renaissance-style building is "five-star," says Aaron Ivatorov, broker and owner of Re/Max Advisors. The building has a water view and a rooftop cabana-club lounge with outdoor showers. Homes in the building also qualify for a 15-year tax abatement, he says.
New York is a microcosm of real estate in general: What you can get for the money depends on location, location, location.
In Manhattan, for the median home price of $389,100, you might be able to swing a studio condominium or a one-bedroom co-op, says Ivatorov. In the other boroughs, that price will buy a one- or two-bedroom condo or town house, a two- to three-bedroom co-op or a bungalow-style house with at least two bedrooms, he says. Those properties would generally be in move-in condition, he adds.
In the NYC area, buyer traffic has picked up in the last 12 months, he says. "I think there's been a lot more movement this year than last year because of the $8,000 tax credit," says Ivatorov, who's also noticed more first-time buyers entering the market.
In the New York area, the median home price was $389,100 in the fall of 2009, according to statistics from National Association of Realtors. The median was $453,000 during the same period in 2008.
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