Real estate: Is it time to buy?

Manhattan & the Bronx

Illustration: Andy Rash

Inwood
2-bdrms start at $362,500
Change from 2008 –9.6%
Schools P.S. 98 (Shorac Kappock) offers a great gifted-and-talented program, while P.S./I.S. 311 (Amistad Dual Language) turns out fluent bilingual K–8 students.
In the long run “This emerging family haven’s prices have gone up over the past five years, but it never had a development surge, so average asking figures remain low in comparison with other areas,” says Lockhart Steele, founder of NYC real-esate blog Curbed. The nabe should stay stable, making it a good buy even if listing prices don’t drop dramatically.

Riverdale/Kingsbridge
2-bdrms start at $250,000
Change from 2008 –10%
Schools Great teachers and a pretty playground are two virtues of P.S. 81 (Robert J. Christen). P.S. 24 (Spuyten Duyvil) boasts the Bronx’s highest test scores.
In the long run “Riverdale has seen a lot of development in recent years—unsold inventory means prices should come down significantly,” Kim says. “Kingsbridge has not been overbuilt, but the area is filled with larger co-ops of an older housing stock; it’s a great value for families. I expect prices here to end up roughly 15 percent below those of 2008.”

Upper West Side
2-bdrms start at $647,000
Change from 2008 –13%
Schools Top-notch schools include P.S. 75 (Emily Dickinson), P.S. 163 (Alfred E. Smith) and P.S. 333 (Manhattan School for Children).
In the long run Even in prime areas, prices have dropped up to 15 percent since the heyday. “Keep an eye on Manhattan Valley, the area’s northern reaches,” says Sofia Kim, a V.P. at StreetEasy, which tracks real-estate stats citywide. “During the boom, families found prewar apartments here at bargain prices compared with those below 96th Street. I think prices in this area, especially, will drop another 5 to 10 percent in the coming year.”

Financial District
2-bdrms start at $750,000
Change from 2008 –8.6%
Schools P.S. 234, at Tribeca’s southern edge, also accepts kids living in this district; the school, whose students regularly rock standardized tests, is addressing overcrowding issues with an annex opening this year. The Spruce Street School, in the Frank Gehry–designed Beekman Tower, is slated to open in 2010, with kindergarten classes commencing in a temporary space at the Tweed Courthouse this fall.
In the long run “I’m very high on this area,” says PropertyShark’s Bill Staniford, who points to the nabe’s growing range of amenities and wealth of new construction as factors in its bright future. “I think when it comes back, it’s going to come back strong.”

Battery Park City
2-bdrms start at $575,000
Change from 2008 –12%
Schools P.S. 89 is highly regarded and housed in a contemporary building. P.S. 276 (Battery Park City School), officially opening in 2010, will offer kindergarten classes in the Civic Center in fall 2009.
In the long run “Prices here have largely been driven by new developments,” says Kim. “With the glut of inventory resulting from many of those projects reaching completion, expect to see area listing prices this year reach about 15 to 20 percent below 2008 levels.

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