Photo illustration by Mark Riffee Six buildings with apartments for sale in the East Village.

It’s fun to gawk at the $3 million lofts and $4 million townhouses in Curbed’s Marketplacelistings for the East Village. Most of us can’t do much more than gawk at these palatial 3,500-square-footers unless we’re feeling very ambitious and chance a pipe dream while lying in our beds — which are conveniently five steps from the kitchen, bath, and front door in our 450-square-foot studios — wondering if today is a hot-water day or no-hot-water day.

But maybe someday we will be able to afford a less garish apartment with a more reasonable price tag. In fact, if you have the money now or in the next few years, you may want to think about making a move sooner than later. According to Tara-Nicholle Nelson, consumer educator for Trulia.com, a real estate search engine company and research group, prices and interest rates are extremely low right now and qualifying for loans will become more difficult in coming years.

We at The Local asked Ms. Nelson for a status update on the East Village market and some expert advice on buying and selling.

How has the East Village market evolved recently?

In terms of price, we’ve seen value increase over this past year. On a price per square footage basis, there’s been a 26.5 percent year-over-year increase to $1,087 per square foot from $798 per square foot.
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