The Market

Studios now a bargain, if you don't count the couples counseling

By Teri Karush Rogers | March 28, 2011 - 9:26AM 

A 20 percent price drop for one-bedroom apartments in Manhattan has produced a glut of sale-priced studios, as buyers understandably gravitate toward bigger digs, according to this weekend's New York Times.  Studio prices have dropped to 2005 levels, with a decent selection now available in the $200-$300k range, says the Times. The cheapest tend to have the biggest drawbacks: They're in co-ops that have conservative attitudes toward subletting, pied-a-terre purchases, guarantors, investors, and parents buying for children.  And the Times forgot to mention one of the biggest bummers of all:  If you're coupling up inside that studio, you may wind up spending your savings on relationship therapy instead.

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