location, location, location

I disagree. Look at Harlem. Prices there are falling off a cliff.

apline - your statement doesn't contrast with my postulation

Location absolutely matters... but locations change.

The far west side used to be horrible, now its the most expensive in Manhattan. Harlem used to be for the rich white, then the rich black, then the poor black. Williamsburg used to be filled with rich.

Locations matter more than anything else... but locations change.

yes -- alpine292 -- would like evidence that harlem has fallen off a cliff -- the new developments are still not negotiating, and prices are not nearly down as much as in UWS on a % basis (i am not counting washington heights or upper manhattan in harlem, where prices have in deed crashed)

I think location's original point is supported.
access + quality makes a difference

nyc10022 and location - basically making the same point I think.

I am not sure I agree that prices in Washington Heights have crashed. They never really shot up. My rents up there have been stable and typically when I purchase new units I find the prices have gone up steadily but within reason. it is one of the reasons I have invested up there as downtown became insanity. If you're talking way up in the Heights then you might be right. I typically only invest between 157th and about 168th st because of the subway lines and size of properties. I never really felt comfortable with Harlem so that is another area I am less familiar with. Overall, I feel comfortable saying that lower Washington Heights is doing alright. Where it will be next year...I do not know. But that's true of my downtown properties as well.

so if wash heights has not dropped then the main drops are in the expensive areas
however if you check
http://www.trulia.com/real_estate/Washington_Heights-New_York/5266/market-trends/
you see that WH is doing quite a bit worse than the other areas in town including harlem

> so if wash heights has not dropped then the main drops are in the expensive areas

Well, there is a lot of carnage south of 96th..