We’re deep into the holiday season, and New York City home shoppers are just as deal-hungry as all the other online buyers out there. Rather than leave you to scour the internet for discount codes, we’ve rounded up the top five neighborhoods with the highest share of recently discounted listings. Here’s a round up of the five best neighborhoods for landing a price cut right now.
1. Red Hook
- Median asking price: $2,350,000
- Share of listings with price cuts: 28 percent
With a median asking price 142 percent higher than the rest of the borough, Red Hook is one of Brooklyn’s more expensive neighborhoods, bested only by the likes of Carroll Gardens and Dumbo. Although geographically isolated by the Brooklyn-Queens Expressway and far from public transportation, the coastal Brooklyn neighborhood has grown rapidly in popularity and price in recent years. According to a StreetEasy report on the areas hit hardest by Hurricane Sandy, Red Hook has seen major growth despite being severely damaged by the storm. In the last five years, 27 new residential buildings have been constructed, and the median resale price has skyrocketed from $790,000 in 2013 to $1.545 million in 2017.
Despite the increasing prices and inventory levels, this quarter, the neighborhood saw 28 percent of its listings get price cuts, suggesting an advantage for potential buyers. It must be noted that inventory is low in the neighborhood, but what’s there is worth considering.
Price-Cut Pick: $1.499 million 3-bedroom townhouse, discounted by $151,000
- Pros: Spacious, three-floor layout; private, two-car garage; fireplace; brand-new renovation; low monthly taxes.
- Cons: Location is .34 miles from the nearest subway; the ground floor feels unfinished.
2. Coney Island
- Median asking price: $422,500
- Share of listings with price cuts: 26 percent
On the opposite end of the Brooklyn spectrum is Coney Island. With a median asking price 56 percent below the borough-wide median, Coney Island commands among the lowest prices in the borough — New Lots is the only neighborhood that’s less expensive. Like Red Hook, this waterfront neighborhood was also hit hard by Hurricane Sandy, but Coney Island has not seen nearly the same surge in price growth and new construction as Red Hook. This month, Coney Island saw 26 percent of its 68 for-sale listings get price cuts, suggesting that even modest asking prices are not convincing buyers to invest.
Price-Cut Pick: $619,000 3-bedroom townhouse, discounted by $31,000
- Pros: Brand-new renovation; private driveway; private backyard; low monthly taxes.
- Cons: Coney Island is not close to rest of the city, and this property is not close to the neighborhood’s transportation options. It’s over half a mile from the nearest subway; some rooms have wall-to-wall carpeting; design buffs would take issue with the fixtures and finishes.
3. Carroll Gardens
- Median asking price: $2,495,000
- Share of listings with price cuts: 26 percent
Carroll Gardens has long been one of Brooklyn’s most chichi, Francophile-filled neighborhoods, but this month, it also claims the title of Brooklyn’s most expensive. With a median asking price 157 percent higher than the rest of the borough, and 39 percent higher than that of Manhattan, Carroll Gardens is not only the most expensive neighborhood in Brooklyn, but also one of the top 10 most expensive neighborhoods in the entire city, outranking places like Greenwich Village, Lincoln Square and the Upper East Side — at least for this month.
We also note a large share of price cuts in Carroll Gardens this month, with more than 25 percent of all listings getting a discount. Discounts tend to be sizable, averaging about six percent off the asking price. Is this proof that you really can afford Paris on shoestring budget? Perhaps only if Christian Louboutin makes your shoestrings.
Price-Cut Pick: $1.625M 3-bedroom condo, discounted by $224,000
- Pros: Private roof deck; newly constructed; pet-friendly; washer and dryer in-unit.
- Cons: The block lacks trees and has an industrial feel; the building is surrounded by garages and doesn’t offer great views.
4. Whitestone, Queens
- Median asking price: $1,178,500
- Share of listings with price cuts: 22 percent
Historically, Whitestone has been one of Queens’ most expensive neighborhoods, in large part due to Malba, a small subsection dense with waterfront homes. While the median asking price in Whitestone is 82 percent higher than the rest of the borough, Malba’s is 293 percent higher than the rest of Queens, making it one of the most expensive areas in the city.
This month, however, Whitestone saw 22 percent of its listings get discounts, suggesting that perhaps the neighborhood’s $1,178,500 median asking price is a bit too high. Does that mean Whitestone and Malba are positioned to become the borough’s next bargain basement? Certainly not. But there’s tons of for-sale inventory, much of which has been discounted.
Price-Cut Pick: $1.588M 3-bedroom house, discounted by $100,000
- Pros: Huge floor plan; above-ground pool; hot tub; private driveway; waterfront views.
- Cons: Miles from public transportation; the stucco facade and opulent interior finishes will not appeal to all.
5. Battery Park City
- Median asking price: $1,525,000
- Share of listings with price cuts: 20 percent
Battery Park City’s median asking price is about 18 percent higher than that of Manhattan at large, which clocked in this month at $1.79M. Despite the relatively high prices it commands, BPC’s convenient location, strong schools and access to park space make it highly coveted by families in Manhattan. This quarter, however, BPC saw 20 percent of its listings get price discounts. With a median time on market of 81 days and high inventory levels, BPC may offer some relief to buyers looking for a less competitive downtown Manhattan neighborhood.
Price-Cut Pick: $750,000 2-bedroom condo, discounted by $30,000
- Pros: Recent renovation; large bedroom; lots of storage space; great location; rooftop access; building amenities include a gym and laundry rooms on every other floor.
- Cons: The kitchen is tiny; the windows don’t have great views; the fees are relatively high at $1,089 in common charges and $789 in monthly taxes.
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