Yes, it is possible to purchase real estate in Manhattan for less than $300,000. The choices are limited and they are in most cases a studio or one bedroom and some 2 bedroom co ops or condos. With the way real estate escalated in value in the past few years, it has made it very difficult for a first time buyer to afford a private house, not that you would be likely to find many in Manhattan. That and the fact that many of the apartment buildings and been converted into co ops and condos, there by making fewer rentals available, have made buying a smaller unit and then selling up a very viable thing to do. Lets take a look at what real estate would be available today and the neighborhoods they are in and see if this would be the solution for you. Remember one thing, When you buy a co op, you do not own the apartment, you are buying shares in the corporation and you are limited as to what you can do with the apartment. These prices will give you a general idea of what you can find. Many times you can get a 2 bedroom for about the same price as a one bedroom. The determining factor in prices is the sq footage. In other words, you may get 2 small bedrooms instead of one large one. Also if it is a 2 bedroom, find out if the total rooms are 4 or 5. That makes a big difference in the price. You may see some real estate priced much cheaper in some of the neighborhoods. These will be in buildings that get government subsidies and there are income restrictions. And units in a newer building usually cost more than one in and older one and the higher up in the building, the more expensive, but when you have to take cost into consideration, you have to be more flexible . Also you will have a monthly fee to pay Ok now on to the properties.
Upper East Side.
Properties in this price range will be extremely rare here. This is one of the most expensive neighborhoods in Manhattan. Many of the old townhouses have been converted into small co op apartments and a studio can be had for about $250,000.
Washington Heights is on the West Side, just north of Harlem . It is a neighborhood of newer high rise buildings , older pre war buildings and historic townhouses. You can get a one bedroom condo or a 2 bedroom co op for the same price, about $225,000 to $300,000.
Harlem is one of the most famous neighborhoods in the world. It is the home of the famous Apollo Theater, where many of the jazz greats got their starts. It is right near Washington Heights, many consider them the same, but they are not. A two bedroom co op can go for $300,000.
Midtown West is another high priced neighborhood. It is near the theater district, right in the middle of all the action, from some of the buildings, you can watch the Mary’s parade right from your windows.
Murray Hill is on the East Side, right by the entrance to the Queens Midtown Tunnel and near Greenwich Village and convenient to the financial district. A studio co op or condo will go for $300,000.
SoHo gets its name because it is South of Houston Street. It is a relatively small area. It is on the West Side just below Greenwich Village, near all the night life and great shops. A studio co op will go for about $300,000.
Chelsea is on the west side, just north of Greenwich Village. There are a lot of loft buildings that have been converted into units here. A one bedroom co op will hit $300,000.
Midtown East is just south of the Upper East Side and prices are more reasonable, so if you do not mind being a few blocks further south, you may just get more for your money. A 1 bedroom co op here will go for about $ 225,000.
This should give you a general idea on what you can get in the different neighborhoods of Manhattan for the $300,000 range. Remember, do your homework. Go to the neighborhood that interests you and walk around, get a feel of the neighborhood. Find a realtor who you feel you can work with. They know their territory and many times they get the inside track on what is coming on the market, before it is advertised to the public. Good luck in your new home.