Soho

 The basics: Fabulous young couples, wealthy singles, and ex-suburbanite empty-nesters long ago took over Soho from the artists. As a result, just about every boutique on Madison Avenue has opened a downtown satellite. Even Bloomingdale's is here. Crowds can be overwhelming on the weekends, says resident Linda Erman. "But during the week, it's still wonderful."

Boundaries: Roughly stretching from Houston to Canal Streets, between the Hudson River and Lafayette Street.

Subway stops: F, V to Broadway-Lafayette Street; N, R to Prince Street; C, E to Spring Street.

What's new: There isn't much left to develop, but the area has seen a few recent conversions. The six-story cast-iron building at 419 Broome Street, near Crosby, houses three 4,400-square-foot lofts. The townhouse condos at 175 Sullivan Street have working fireplaces and terraces. And 388 West Broadway has five sweet full-floor lofts with great understated bathrooms.

Bargain hunting:  The tenement-style buildings on Thompson and Sullivan Streets hold modest studios and one-bedrooms. Also, look below Broome Street and east of Broadway.

Prediction: Soho is premium turf now, the kind that holds its value over the long term. But the past years have been rough, especially in the $2 million-and-up range, and it'll take time for that segment to recover.