Is the Upper East side the best place to buy your first apartment?

A quick scan of listing website streeteasy shows 99 condos in the market under $1 million on Manhattan’s upper east side.  Compare that with the West Village which has a mere 10 condos under $1 million.  Taking a look at co-ops,  you have 48 listings under $1 million in the WV and a remarkable 448 co-ops on the UES. Why is there such a discrepancy?

Well,  the Upper east side is about twice as large as the West Village but there are nearly 10 times as many listings available not two times. The Upper east side has more low rise tenement style buildings and less fancy new construction or converted industrial buildings so in some ways the housing stock is more modest and friendly for a first time buyer.

With the 2nd avenue subway line opening either Dec 30th 2016 or the near future, the area will certainly benefit with the addition of another subway line to ease crowding on the Lexington avenue line. As the luxury market has pushed even further east, past 2nd avenue, the neighborhood is changing. But still among many of the side streets in the 80’s and 90’s you can find low rise buildings, mostly co-ops that are in stark contrast to the super luxury of Midtown. Perhaps this may be the best neighborhood to pursue your first purchase…

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