LOWER EAST SIDE

THE BASICS: Designers, writers, artists, musicians, and (gulp!) professionals continue to supplant the pickle purveyors, heroin dealers, and rent-control lifers of yore. The typical rental is an under-500-square-foot renovated walk-up. There’s more room—and less charm—in the postwar co-op towers on Grand Street, recently gone free-market after decades of regulation.

WHAT'S NEW: With co-op privatization, dozens of high-rise apartments are becoming available. But for the most part, says Corcoran’s Glenn E. Schiller, “it’s still a neighborhood of rentals.” Several new rental buildings are opening in the main district, between Eldridge and Clinton Streets, over the next few months.

BARGAIN HUNTING: There’s no geographic trick: Brand-new duplexes often sit next door to turn-of-the-century tenements (though you might find a deal south of Grand or east of Clinton). To a greater degree than in other neighborhoods, the best way to find a deal is by word of mouth—and you’ll save the fee.

HOT SPOTS: In the Ludlow-Orchard axis, there’s hipster bar Pianos and ever-trendy boutiques like TG-170. On Clinton Street, there’s brunch at Clinton Street Baking Company, drinks at the unpretentious Lotus, and dinner at WD-50, Wylie Dufresne’s endlessly delayed new restaurant, which might just be open by the time you move in.

PREDICTION: There was still upward momentum here in 2002—at least for purchases—but prices are limited by uneven services and housing stock. The good stuff, though, particularly the rare and coveted lofts, won’t tank.