I was reading the article "Every Penny Counts" in the NYT's Real Estate section this weekend and came across this interesting quote:
"About 15 percent of the Manhattan apartments currently listed by the Corcoran Group and Citi Habitats, and about 30 percent of those in Brooklyn, are less than $450,000. In the Bronx, 38 percent of the listings are under $450,000, according to the Bronx-Manhattan North Association of Realtors; on Staten Island, the figure is 43 percent, according to the local Board of Realtors; and in Queens, 17 percent, according to the Multiple Listing Service of Long Island."
So statistically, Queens is not *that* much cheaper than Manhattan! No wonder we have such a high foreclosure rate.