What does 500K buy these days?

Hi All

I am about to start looking in the North Slope, Propect Heights area. I need to be in walking distance to Grand Army Plaza subway. Basically I am looking for a 1 bedroom around 800 SF. I can spend around 500K at most.

Is that realistic for that area? If not, what should one expect to get in that price range.

Thanks

You are on the right track. Start out by getting yourself pre-approved for a mortgage, so you know exactly what you can afford, and how much you want to spend. Then, start looking at the New York Times Online, and calling the realtors about the properties you are interested in. For $500K, you should see some nice 1BRs in that area.

You can defintely get a decent 1-br in that area for that price, though 800 sq. ft. is pushing it. NYkitty is right on with the NYTO suggestion. That will give you a good sense of what's out there.

For that price range, the previous posts were accurate. With the influx of condo's coming on the market, you will be able to find what you need. There will be over 1000 condo's coming on the market in this area in the next two years.
For Prospect Heights, I would wait until the legal challenges on Ratner's development are resolved, because alot of owners are currently sitting to see the outcome. If it goes against Ratner, people will dump units on the market to unload them.
If the reverse happens you will see an increase in prices over there.
I would have a patient timetable. Prices in the last year have dropped 6% for condos in this area. Plus you have all the developments along 4th avenue coming on line.
I would get the pre-approval from the bank, then just watch the developments.

I live in center Slope and a 1 bedroom apartment in my building recently went for $430k