The cheapest of the cheap in NYC homes

New York /
Aug.August 19, 2010 09:00 AM

123-127 Merrick Boulevard in St. Albans, Queens, where a one-bedroom co-op costs $59,000 (source: PropertyShark)

Like most of New York City’s housing stock, starter homes have gotten cheaper since the housing bust, but in many cases, the discounts aren’t as severe as they could have been at the low-end of the market if not for the first-time homebuyer tax credit, according to the Wall Street Journal. Still, when the paper rounded up the cheapest of the cheap New York City homes currently on the market using data from PropertyShark.com, the rock-bottom prices revealed were far lower than they were in 2008, and for many families, could turn out to be more economical than renting. The cheapest option for homeownership in the city is currently a 300-square-foot studio co-op in the Bronx’s Fordham Manor that is asking $45,000. Meanwhile, in St. Albans, Queens, a one-bedroom co-op at 123-127 Merrick Boulevard is asking $59,000, which, with a 30-year mortgage and a 4.5 percent interest rate, works out to roughly $300 per month. In the Bronx, Queens and Staten Island, the low-end of the housing market currently commands an average sales price of around $250,000, according to appraisal firm Miller Samuel. In Brooklyn, that figure is roughly $400,000, while in Manhattan, it is $600,000. Most of these homes go to first-time homebuyers, said founder and CEO Jonathan Miller. [WSJ]

 

Related Articles

arrow_forward_ios
(iStock)
Hamptons towns take sale-price rankings hit
Hamptons towns take sale-price rankings hit
Manhattan rents recover to pre-pandemic levels as new leases slow
Manhattan rents recover to pre-pandemic levels as new leases slow
Manhattan rents recover to pre-pandemic levels as new leases slow
Annual contract activity comparisons are starting to look normal again
Residential market picks up in Brooklyn and Manhattan, sinks in suburbs
Residential market picks up in Brooklyn and Manhattan, sinks in suburbs
Comptroller Scott Stringer (Getty)
City landlords’ tax delinquencies approach Great Recession levels
City landlords’ tax delinquencies approach Great Recession levels
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
(Getty)
NYC overtakes San Francisco as most expensive city for renters: report
NYC overtakes San Francisco as most expensive city for renters: report
Bidding wars occurred in 35 percent of North Fork home sales. (iStock)
Bidding wars drive Long Island home prices to new highs
Bidding wars drive Long Island home prices to new highs
(iStock)
Brooklyn and Queens see record sale prices, bustling sale activity
Brooklyn and Queens see record sale prices, bustling sale activity
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...