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Top Five Neighborhoods in New York for Million-Dollar Home Buyers

Navigating New York's challenging real estate market can be daunting, especially for buyers eyeing properties priced at $1 million or more. However, amidst the city's high listing prices and rising mortgage rates, there are pockets of opportunity for savvy buyers. According to a recent report from StreetEasy, certain neighborhoods in Manhattan and Brooklyn offer favorable conditions for buyers in this price range.

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  1. Greenwich Village: Topping the list is Greenwich Village, a sought-after neighborhood that boasts the third-highest search volume on real estate listings. Despite a median asking price of $1.985 million, homes here typically sell for 95% of their initial asking price, indicating room for negotiation. With properties spending a median of 125 days on the market and 12.3% of listings reducing their prices, buyers have ample opportunity to strike a deal.

  2. East Village: The East Village presents another promising option for affluent buyers, with a median asking price of $1.4 million. Approximately 10% of listings in this neighborhood have reduced their prices, and homes spend a median of 122 days on the market before being sold, providing buyers with flexibility and bargaining power.

  3. Upper East Side: Despite its high median asking price of $1.897 million, the Upper East Side offers opportunities for negotiation, with homes remaining on the market for a median of 118 days. Around 10% of listings receive price cuts, and properties typically sell for 95% of their initial asking price, making it an attractive option for buyers seeking value.

  4. Dumbo: Dumbo stands out as the priciest neighborhood on the list, with a median asking price of $2.285 million. However, the influx of luxury developments has created opportunities for buyers, with properties spending a median of 130 days on the market. Despite its high price point, buyers can still negotiate deals, as indicated by a median sale-to-list ratio of 95%.

  5. Bushwick: Rounding out the top five is Bushwick, offering a more affordable option with a median listing price of $1.095 million. Despite its lower price point, homes here spend a median of 77 days on the market, with 13.8% of listings receiving price cuts. With a median sale-to-list ratio of 94.3%, Bushwick presents opportunities for buyers seeking value in Brooklyn.

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In conclusion, while New York's real estate market remains competitive, buyers in the million-dollar-plus range can find favorable conditions in select neighborhoods. By leveraging market trends and negotiation strategies, buyers can secure their dream home in the city that never sleeps.

Intrigued by these real estate opportunities in New York? Explore our selection of exclusive properties in the city by following this link: The Private Collection

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