Archives For most expensive neighborhoods nyc

The past year has brought quite a lot of change to the crème de la crème of New York City’s housing market. Now, this could mean a lot of things, but reassuringly enough 2013 was mostly about progress in top-of-the-line NYC residential real estate. As the impact of the recession fades, it is slowly beginning to show which neighborhoods have the best chances to come through with flying colors. Speaking strictly in terms of median sale prices, here’s the list of the top ten priciest areas of New York City.

#10 East Village

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 top_neighborhoods_2012

If in 2011 Dumbo took everyone by surprise, ranking 4th in the top 10 neighborhoods, in 2012 another Brooklyn neighborhood grabbed the spotlight. Boerum Hill climbed to 6th place with a median sale price of $950,000, surpassing well known upper class neighborhoods like the Upper East Side, West Village and ultimately Dumbo.

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As home sales and median sale prices across NYC have continued to inch up in Q3 2012, Brooklyn is pulling some aces from its sleeve–Manhattan Beach has secured the #4 place in the list of the most expensive NYC neighborhoods PropertyShark completed for this quarter. Median sale prices in Manhattan Beach have spiked at 143% over the previous quarter to an impressive $1,120,000, quite close to reaching a tie with #3 on the list, the Flatiron District ($1,175,000).

This is still almost half the average price home buyers are paying in Soho, Manhattan ($2,200,000), the most expensive NYC neighborhood for several quarters in a row, and still a far cry from #2 Tribeca ($1,974,800). Dumbo, on the other hand, the other top-favorite Brooklyn neighborhood, didn’t make it on this list this quarter.

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Top 10 Most Viewed NYC Properties on PropertyShark

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Each and every one of us hopes that sometime in the not-too-distant future the word ‘recession’ will be buried deep in our memory, but unfortunately, that day has not come yet.

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Most Expensive NYC Neighborhoods in Q1 2012

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Tribeca and Soho were again the priciest NYC neighborhoods in Q1 2012, with median sale prices of $2,315,000 and $1,950,000 respectively. However, if we look at median price per square foot, the two neighborhoods were surpassed by the West Village with $1,592/Sq Ft and Midtown with $1,424/Sq Ft.

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16 East 69 Street

    We recently ran our update on NYC’s most expensive neighborhoods over the past quarter and notably, two Brooklyn neighborhoods, Dumbo and Boreum Hill, were again in the top ten. Both of them were up one place compared with the ranking in Q2 2011 and moved ahead of the historically high-ranked neighborhoods. Dumbo came in third place with a median sale price of $1,460,000 while Boreum Hill was in 9th place with a median sale price of $920,000. 

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We’re all pretty much familiar with Forbes’ annual list of the most expensive zip codes in the U.S. which last year ranked West Village’s 10014 as New York City’s most expensive zip code. But how do the rankings change if we analyze entire neighborhoods and move away from the strict zip code boundaries?

Not so surprisingly, SoHo and TribeCa were the two most expensive neighborhoods in New York City, both having a median home price exceeding $2 million in the second quarter of 2011.  But we did not expect to see a Brooklyn neighborhood – Dumbo -  so far upfront, ranking higher than some long-established affluent neighborhoods like the West Village or the Upper East Side. And it wasn’t the only neighborhood in Brooklyn that made it on to our list – with a median sale price of $801,000 Boerum Hill was the 10th most expensive New York City neighborhood in Q2 2011. Continue Reading…