Buying a three-bedroom apartment for under $1 million is still possible, although buyers have limited options at this price point. "They quickly realize that this price point is the most competitive and that these units are often heavily contested,” Mirador Licensed Real Estate Salesperson Gerald Couzens says.
Looking outside of Manhattan can make finding apartments at this price point easier. Couzens suggests Bronx as a viable neighborhood. “Although many people aren’t receptive to the Bronx, unless they’re familiar with it, there are… many fantastic neighborhoods there that [would be] great options for this buyer,” he says.
As far as conditions, Couzens says buyers should expect move-in ready apartments within this budget. “Of course, there will be some sub-$1 million dollar units that are total fixer-uppers, but those are few and far between,” he says.
Read more about buying under a $1 million budget here.