EAST VILLAGE

THE BASICS: “People used to want to live here because it was trendy,” says Mary A. Vetri, of William B. May, “but now people know it’s one of the last neighborhood neighborhoods left.” Young professionals love the renovated Tompkins Square Park (no syringes, two dog runs), and the Ukrainian and Polish communities still thrive.

WHAT'S NEW: Strict zoning laws keep development (except for NYU’s dorms) at bay, but an exception is the Village Mews at 407 East 12th Street. Fifty units—from one-bedrooms to penthouses with terraces, all surrounding a courtyard—range from $500,000 to $1 million.

BARGAIN HUNTING: Given the march of gentrification, how far east do you have to go to get a bargain? “Brooklyn,” jokes Corcoran’s Glenn E. Schiller. That said, you can save some money in the tenement-style buildings east of Avenue B.

HOT SPOTS: Downtown celebrities gather at Lit; the new bar features a well-manned D.J. booth and a gallery. Hip restaurants include the New American boîte Butter, the stylish Industry (food), and the inexpensive Supper. With-it music types hang out at world-famous CBGB, the seedy Continental, or the earnest-young-touring-group favorite Lakeside Lounge.

PREDICTION: Price declines, such as they were, are probably over. Schiller says the demand for larger apartments is increasing as families grow, and since there’re no more blocks left to gentrify, shoppers must compete for what’s already been fixed up. The wild card: In a recession, the neighborhood could regress to its less tidied-up past.