NEW YORK (FOX 5 NEWS) - Consider 2017 the year of the real estate cool down, especially in Manhattan. Lauren Riefflin, spokesperson at StreetEasy, expects a cooldown on both the sales and rental markets. Prices will continue to increase, but at a slower pace than in years past. StreetEasy is forecasting that prices will only tick up 0.6 percent in Manhattan, due to a high-end inventory overload.
While prices are cooling down this year, some neighborhoods are heating up, like Kingsbridge in the Bronx. Kingsbridge topped StreetEasy's list of hot neighborhoods for 2017. Just east of Riverdale and a little bit less expensive, Kingsbridge has a great small town vibe. With Van Cortlandt Park on its outer edges, there is gorgeous green space. There are also plenty of restaurants and retail on Broadway. And there are great schools, from middle and high school, all the way through college.
Commute time, though, is a bit of a trade-off. It takes about an hour to get into Midtown Manhattan from Kingsbridge. Another trade off?Kingsbridge is less than a square mile in size. Riefflin describes it as a patchwork of neighborhoods with a lot of different housing stock, but there are usually more rentals than sales. So if you see a home for sale that you really like, you need to move fast.
Two to three bedroom single family homes or apartments typically cost less than $300,000 in Kingsbridge. Renting is also a good value. According to StreetEasy, median asking rent is about $1,750. While that might not sound cheap, you're getting a lot more space here for your dollar. $1,750 will get you a two- to three-bedroom condo or coop.
While Kingsbridge is the #1 neighborhood of 2017, Brooklyn still occupies most of the top spots on StreetEasy's list. Fort Greene took second place, and Prospect Lefferts Gardens is also on the list. So there's no cooldown in Brooklyn just yet.