As the national housing slump continues, New York is (arguably) the least affected market in America. So if you want to (arguably) get the absolute most for your money, you might sell your New York co-op and head for the place that’s been hardest hit. That appears to be Stockton, California, now the foreclosure capital of America. This six-bedroom house isn’t in arrears, but its value has sunk as its neighbors have glutted the market. Stockton’s nothing like the Lower East Side—no gentrified tenements, few fun boutiques—but what goes down must come up again, right? Consider it a very long-term investment play.

(Photo: Courtesy of LoHo Realty)

577 GRAND STREET, APARTMENT F1206
The Facts: Two-bedroom, one-bath, 1,000-square-foot co-op.
Asking price: $699,000.
Maintenance: $712 per month.
Agent: Jacob Goldman, LoHo Realty.

(Photo: Courtesy of Century 21 M&M Assoc.)

1732 BRANDON STREET, STOCKTON, CALIFORNIA
The Facts: Six-bedroom, three-bath, 4,450-square-foot house on a third of an acre.
Asking Price: $689,000.
Agent: Gregory Benigno, Century 21 M&M and Associates.

Related:

• Archive: “Real Estate”
• Articles by S.Jhoanna Robledo
• Table of Contents: Jan 21, 2008 issue of New York | Subscribe!