The Market

You may not be able to afford a NoHo co-op, but maybe your clothes can

By A. Ready  | October 14, 2010 - 7:02AM

What's the cheapest non-occupied property available for sale in Manhattan?  For $99,500, this windowless 350-square-foot storage room in NoHo can be yours. The co-op unit (yes, you will need to submit a co-op board package that attests, we presume, to the fine character and monastic tendencies of your stuff) has a number of things going for it: Location, 14-foot ceilings, an asking price of less than $300 per square foot, and the fact that your belongings won't be stashed next to potentially infested belongings of renters on the lam from bed bugs. 

The downside? Besides being stricken by the total absence of natural light, the storage room “cannot be used as a residential property unless it is legally combined with the adjacent apartment,” a 900-square-foot one bedroom/one bath unit on the market for $849,000.

Yes, Manhattan real estate is “different.” Just how different? Take a look at these three other cites around the country and see what $100,000 can buy:

Las Vegas
A search on resulted in a whopping 7,607 properties for sale for less than $100,000 in Las Vegas, one of the hardest hits markets.  Admittedly, many of them are less than impressive, but this 3 bedroom/3 bath 1608 square foot home (pictured, inset left) is now listed for $100,000, having sold for $148,050 in 2003 and $240,000 in 2006.  An added bonus, it is found on “Ten Gallon Court.” 
Santa Fe
A search for properties for less than $100,000 in Santa Fe, a healthier market, returned a much less robust 20 results. While there are no 1,600 square foot single family homes available, this 1250 square foot 2 bedroom/2 bath unit, in good condition, is offered for $79,000. Price per square foot? $63, about a fifth as much as the NoHo storage locker.
Our favorite find is in the college town of Madison, Wisconsin, where 205 properties are listed for less than $100,000.  Although at 986 square feet it certainly is not the largest unit available, this two-bedroom, one-bath condo includes a fireplace for those cold mid-western winters. For $98,000 ($99-per-square-foot), amenities include a pool, sauna, hot tub, clubhouse and 24-hour fitness center.
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