Realty Check

Tough talk on all things housing -- booms, busts, bargains and more -- from "Nightline" correspondent Vicki Mabrey

Vicki Mabrey is a correspondent for "Nightline" based in New York. She covers real estate as well as a range of national stories.

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Musings on New York's Real Estate Market

July 23, 2008 2:38 PM

Today's guest blogger is "Nightline" producer extraordinaire Melinda Arons. The 32-year-old has called New York City home for a total of seven years. Melinda (pictured below) sounds off on New York's hippest 'hoods and the grim reality of the New York real estate market:

What are the hot neighborhoods in New York?
West Village, Tribeca, Union Square, East Village and the Upper West Side. There are lots of hot neighborhoods in Brooklyn as well, especially Brooklyn Heights, Cobble Hill and Williamsburg, but they're still not generally as desirable as Manhattan.

Do you own or rent? Have a roommate (or two, or three)??
Rent, no roommates.

Where do you live vs. where would you LIKE to live?
I live in the West Village, my dream neighborhood. I don't know how I could ever move because I love it so much.

What places were hot but are now 'so last year?'
I think most of the hot neighborhoods are still really hot. I guess the best example of something being seen from the outside as desirable but not necessarily "hot" is the Upper East Side. It’s still the most desirable, most posh neighborhood if you're older and settled, but it’s not "hot" or particularly great to live in if you're young. It's fine if you're right out of college, but people then tend to move downtown after a few years.

What kind of place do you have vs. what you would LIKE to have?
My place is tiny, and I would love more space, and outdoor space as well.

How much would your dream place cost?
Probably around $1-$1.5 million if it were just for me. If it was for a whole family, I have no idea...I'd guess my dream place would be a large apartment or townhouse, and would cost several million dollars. But again, that's the dream scenario---not what I'll likely end up with, if I were to stay in New York when I have a family.

How much do you think you'd need to earn to afford it?
Oh, I have no idea....if I had to guess I'd say about $300,000-400,000/year for my dream place just for me; a couple million a year for a dream house in the city for a family.

Do you have realistic hopes that one day you'll have that place?
Nope. Not unless I marry for money, which I have no intention of doing.

How is the news about the real estate market affecting you?
I hate to say this, but it's actually good news for someone like me. For years, buying an apartment in New York has been impossible. It continues to be, but if the housing bubble finally bursts in New York, as sad as it would be for a lot of homeowners, it may make home ownership in New York City possible for me.

Feeling that this is a good time to buy?
Not as much in New York as in the rest of the country, but possibly in the near future.

Do you feel you'll ever catch up with New York prices??
Not really...I may catch up enough to buy a place for myself, but I don't see my self ever catching up enough to afford a real house for a future family.

What's up with the rent controlled apartments, sublets, rentals??
Renting an apartment in New York is a total nightmare. You can be absolutely dedicated to finding a place without a broker, but it just doesn't work unless you get incredibly lucky with someone wanting to turn their lease over to you personally, or if you're willing to have roommates. I spent a year looking for a good place in the West Village without a broker, and responded to an ad on Craigslist for a place that was ‘by owner.’ The building then got involved and brought a broker in and jacked up the price. I didn't take that place, but then the broker showed me my current apartment. In the end it was worth the fee, but it was extremely frustrating. My best friend is the perfect example of someone who found the holy grail of New York apartments. She has a huge place with a big back deck in a doorman building in an amazing part of the West Village, and it's way under market value, but she got it because her colleague's cousin owns it and needed to rent it out. That kind of New York real estate luck happens once in lifetime, and has eluded me thus far.

Rent controlled apartments are entirely unfair, unless you have one.
If I did I would be in heaven, but to the rest of us paying market price, it's painfully unfair.