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DownMarket: Bargains Everywhere, But, Uh, Where?

Bargain time! So says this week's cover package of real estate stories in New York. The main story offers a hit-or-miss take on the overall market ("Is this a market to buy into at all? The hopelessly unsatisfying answer: It depends"), so the fun is in the sidebars. There's a list of smart investing habits and a killer doomsday rant that's worth a read, but we're most drawn to a neighborhood-by-neighborhood breakdown. Some claims:

Upper East Side: "There’s also a glut in the postwar buildings east of Lex: Sellers are pricing ambitiously, and buyers are waiting for sellers to blink. They will: Inventory’s up 50 percent in the studio and one-bedroom market."
Harlem: "The danger here is an oversupply of new construction—much of it, like the Nina on East 117th and the Ivy on Second Avenue, in still-sketchy East Harlem."
West Village: "Walk-ups in the neighborhood have always sold at a discount—but it’s even truer now. The new arrivals, retirees and families, can’t handle six flights. Others might be tempted by a top-floor three-bedroom for $799,000."

Your thoughts, s'il vous plait, on the neighborhood breakdowns? Because one question is left unanswered: of all the neighborhoods to buy in, where, really, are the best bargains now?
· Buy Low(er): How to Navigate the New Real Estate market [New York]
· Neighborhood-by-Neighborhood Real Estate Values [New York]
· 7 Habits of Smart Bargain Hunters [New York]
· The Descent [New York]