Lower East Side Vs. West Village for appreciation in home in NYC

1 Reply

Hi, 

I've found two properties I really like and I can't decide which would appreciate faster/ better over time. One on the Lower East Side ( Suffolk and Rivington) or WV with is ( 6ave and Minetta Lane). 

Pros and cons 

WV:

Needs upgrades in kitchen and bathroom

Closer commute 

More trains

Bigger apartment

Better light 

More parks 

LES:

High end renovations already

Maybe appreciate faster since alot of development is happening

Board seems to be more relaxed 

Quieter street 

Julie,

This is a very involved question with many different ways to approach the question. In my experience, determining appreciation is really just speculation as it depends of so many factors. One could argue that we are at the top of a housing bubble. Especially with manhattan apartment prices being as high as they are. Others will tell you that prices will still climb. Both of those neighborhoods are nice and im sure the prices are fairly high up there already. If in fact you have found a deal and are going to be paying well below market rate, then that would have a big impact as well. 

I think the best advice is to find something you are comfortable with today and if it appreciates over time you have a nice added bonus. I see way too many people buy extremely expensive real estate in NYC at the top of their budget and say they will make money when they sell in a few years because the price always goes up. Maybe its because I am a more conservative investor, but at some point you reach the top of the mountain. Better to not be the last one holding the expensive stick in my opinion. Im sure there are plenty of people on here that feel the exact opposite, but thats just my two cents. Good luck with your investment.