What $400,000 buys: New York

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What $400K will buy: New York
This condo in the Bronx was built in 2006. Entry opens to great room with cathedral ceiling and maple floors. Large windows offer a lot of light and views of Long Island Sound, says Agnes Holzberg, a sales representative with Coldwell Banker Residential Brokerage Scarsdale. Adjacent kitchen has granite countertops, stainless steel appliances, wood cabinets, tile floor, built-in microwave and recessed lighting. Master bedroom offers cathedral ceiling, walk-in closet and a bathroom with a granite-topped vanity and tiled bath. Second bedroom with balcony could make a great office space, says Holzberg. Monthly $86 fee covers exterior maintenance and snow removal.
2 bedroom/1 bath
1,000 square feet
One assigned parking spot
Features: Private entry, maple floors, water views and fold-out casement windows.
Listed by: Coldwell Banker Residential Brokerage Scarsdale
What you could buy in New York for $400,000 a year ago.
Price trend
If you can make it in New York, you can make it anywhere. But can you get a home for $400,000?

Probably not in Manhattan. “You still can’t really get anything in Manhattan for $400,000,” says Joseph Canfora, owner/broker with Century 21 Selmar and regional vice president of the National Association of Realtors. But the other boroughs — and the suburbs — offer plenty of homes in that price range for potential New Yorkers.

But New York homes are getting more affordable. Buyers will often find that the same type of home that would have cost $480,000 now can be purchased for $400,000, says Canfora.

One option: On Long Island, $400,000 can buy 1,800 to 2,500 square feet, with three to four bedrooms, says Canfora. “Many of the properties are 30 to 40 years of age. A lot of them have been renovated, others not.”

In the Nassau-Suffolk area, median home prices declined 8.8 percent in 2008 to $435,400, according to the National Association of Realtors. In New York-Long Island-New Jersey, home prices declined 6.9 percent to $437,500, according to the association.