Where can I buy a second home outside for less than 500K within 150 miles of the city?

New York City is a Mecca for prime real-estate listings and sales. From lavish penthouses and brownstones to elegant condos, the City is blanketed by high-end properties fitted with the latest in smart appliances and technologies. With this in mind, is it possible to purchase a second home for less than 500k within 150 miles of the city? The answer is yes –and your real-estate journey may take you to more serene and tranquil parts of the city. For example: Jackson Heights, Queens, has become the epicenter for recently renovated homes and new developments. In fact, you can easily secure a two-bedroom dwelling for $488,000 or less with a hard-target search.

Manhattan Condo Craze

If you prefer to stay in the “City that Never Sleeps”, the resurgence of condos has electrified the city in the last three years. In fact, traditional high-rise condos are now being challenged by condo complexes – closer to the ground – across the entire city. With prices ranging from $400,000 - $600,000, you can surely find the right abode to meet your financial and family needs. With this in mind, let’s take a look at some of the top properties for second homes that are currently buzzing the market.

Hell’s Kitchen

Hell’s Kitchen has morphed into a prime NYC real-estate area with co-ops and condos galore. What was once a rigid, street-wise locale is now a burgeoning center for some of the most spectacular architecture in the Big Apple. In fact, the co-op on 451 West 48^th Street features spectacular views of the City. With a spacious kitchen and ample leg room, this venue is currently asking $485,000 with a $490 monthly maintenance fee. This exquisite NYC apartment, however, is just one of the many new or recently remodeled properties that is attracting and engaging investors from all over the area.

The East Village

The East Village has also shed its punk-rock and living-life-on-the edge persona over the last decade. In fact, if you are looking for the perfect second home –there are properties listed on the market for $489,000. In fact, here are some of the amenities you will find in homes in this newly revived and trendy area:

•          Working fireplaces
•          Living room built-ins
•         Washer- dryer
•          Smart kitchens with open concepts and stainless steel appliances.
•         Access to shared resident’s gardens.

One of the top co-ops is at 633 East 11^th Street with a monthly maintenance free of $544.

Purchasing a Second Home – Average Prices

Now that we have featured some of the top real-estate areas in the City, let’s take a look at what $200K can get you and yours across the area. Did you know that you can secure a 126 ft. sq. property at just $200,000? In fact, the national median home price is currently listed at $214,000. With this in mind, there are scores of properties – at prices – lower than this across the five boroughs. This includes units for first-time homebuyers, or in this case; second homes.

Here are some of the average price points for areas and locations within 150 miles of the City:

•         Staten Island - $481,600
•         Long Island City, Queens – between $400,000 - $699,000 for two-bedroom co-op apartment and condos.
•        Brooklyn Heights, Brooklyn - $425,000 for a fully fitted brownstone.
•       Sunset Park – Park Slope area - $364,000 for two-bedroom, one-bathroom co-ops.
•     The Bronx – median list price of lavish and elegant homes currently at $215,500. However, there are currently 18 available listings marked at $100,000 each.