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Posted by: Dean Foust on May 01, 2007
My BusinessWeek colleague Peter Coy has periodically had fun with comparing different real estate markets around the country—i.e., “Here’s What $300,000 will buy you around the country.”
In the same spirit, here’s a look at what $800 a month will get you in the apartment market in a number of different markets (and hey, with the housing bubble having burst, many of us Americans will be moving back into apartments, no?). These listings and shots come from Move.com, the online site run by the National Association of Realtors, which provides searcheable listings for homes and apartments around the country.)
1) Generously described as a “Downtown Studio for Sports Fans,” the Hoover Apartments offers a 860-square-foot studio for $850 and one-bedroom for $1,000. Located near the Staples Center in Los Angeles (readers, is this a high-crime or low-crime neighborhood?), the amenities include…a refrigerator and stove.
2) This “Nature Lovers Dream” abuts a 77-acre park with nature trails in Seattle. For $810 a month, you get a 669-square-foot 1/bdrm, 1/bath with a fireplace, separate dining area, all in a complex with a heated swimming pool, tennis courts and more.
3. In Plano, Texas, $809 a month gets you a two-bedroom, two-bath, 1,048-square-foot apartment in a complex with a pool, spa, sauna, patio and fireplace.
4) In the Boston suburb of West Roxbury, Mass., $810 a month gets you a 511-square-foot studio with wall-to-wall carpeting, a full kitchen, microwave, AC, and access to a pool and laundry facilities.
Lastly, here’s what $800 gets you in Manhattan…
Seriously, I searched Move.com for "Manhattan" and $750 to $850 and the only listings I got were for Staten Island, Yonkers and New Jersey. Not trying to be smart, but Move.com didn't turn up any hits. Readers feel free to post listings or URLs for any Manhattan apartments for $800 in the comments and if need be, I'll convert them to photos.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.