2010 Real Estate Guide
House and sky
real estate
Home values: Median prices in 12 cities

Brooklyn, N.Y.

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.

Price: $390,630
Area median price: $389,100 (down 14 percent)
1 bedroom/1 bath
716 square feet
86 square-foot balcony
Oversized windows
Recessed lighting
Hardwood floors
Listed by: Re/Max Advisors

Price trend:
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.

<< Back to the 2010 Real Estate Guide table of contents.

News alert Create a news alert for "real estate"


          Connect with us


Holden Lewis

Brexit drives mortgage refinancing boomlet

Lenders say they have seen an increase in refinance applications since the United Kingdom voted to exit the European Union.  ... Read more


Connect with us