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Need Help for housing in NYC

SoCal2NYC

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Originally Posted by edmorel
I'd rather live in the 100's then in the bowels of Chelsea.

Have fun up there. I don't go above 85th unless it is to Mama Mexico.
 

solipsist

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Originally Posted by vincent
I am looking to get roomates and pay around 1100-1200

FYI, when I first moved to city, I lived in Yorkville (70s and 80s and waaay east), five years ago it was pretty cheap -- I rented a relatively large two bedroom for $1900 (non-doorman, with elevator and laundry). The neighborhood is not hip, but its quiet and clean.
 

SoCal2NYC

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And requires you to take cabs everywhere unless you cant to take the 6 somewhere and transfer to another train or two.
 

MetroStyles

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$1100-$1200 is very doable in the East Village. Look for a two bedroom in a ****** walkup and you can definitely find something for $3500. You will have to build a wall.

If you want a studio, you will need to go up to $1400 or $1500, again in a ****** walkup.

Also, as I am sure you know, the further east you go the cheaper apartments get, so if you do not mind walking 15 minutes to the subway, consider Avenues B or C. If you are an NYU student, this is not a very bad commute.

If you are looking to live with strangers and just get a room from them, I think $1100-$1200 may be doable as well.

As far as alternatives to Craiglist, there really are no good ones unless you want to pay a broker's fee.
 

Presto87

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Originally Posted by SoCal2NYC
Well a one bed/bath isn't a studio; but, let's say 1br/1bath: Actually being able to see the Park? $1.8-2.5 along CPW most likely in the mid60s-90s. To rent that same place probably $3000-$4000. Along the park; but, no park view probably $1.2-2.0 to buy, to rent $2000-3000 Studio: See the park: $1.2-1.8, $2500-3000 No park view: $775-1.1, $2000-3500
$1.8-2.5 million!?
eek.gif
Mid 60s-90s ... do you mean $650,000-900,000? (sorry I'm not good with abbreviations
confused.gif
) Yea I know that a bed/bath isn't a studio - I just meant either/or ... But wow, I had no idea about property value in NY or the rest of the 'States for that matter ... but I thought a 1Bed/Bath would be around the 500,000 mark!
blush.gif
Ok, so I actually did a bit of research last night - looked through NY Times real estate section ... and got even more confused. What's a condo? Is it the same as an apartment? And a Co-Op?? I have no idea what that is! Oh and btw, this is gonna sound extremely stupid - but here it goes - New York is a state right? And New York City is like the capital!? Then where does Manhattan fit in?? And whats the price of buying the same as above in Manhattan? (Or any other "outer" surburb)?
 

SoCal2NYC

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No I mean 60-90th St off Central Park West.
 

MetroStyles

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Originally Posted by Presto87
$1.8-2.5 million!?
eek.gif


Mid 60s-90s ... do you mean $650,000-900,000?
(sorry I'm not good with abbreviations
confused.gif
)

Yea I know that a bed/bath isn't a studio - I just meant either/or ...

But wow, I had no idea about property value in NY or the rest of the 'States for that matter ... but I thought a 1Bed/Bath would be around the 500,000 mark!
blush.gif


Ok, so I actually did a bit of research last night - looked through NY Times real estate section ... and got even more confused. What's a condo? Is it the same as an apartment? And a Co-Op?? I have no idea what that is!

Oh and btw, this is gonna sound extremely stupid - but here it goes - New York is a state right? And New York City is like the capital!? Then where does Manhattan fit in?? And whats the price of buying the same as above in Manhattan? (Or any other "outer" surburb)?


The capital of New York is Albany. Manhattan is a borough of NYC. A borough doesn't really mean anything. Think of it as a massive neighborhood. There are 5 boroughs in NYC. I am sure you have heard of Brooklyn, for example, which is another borough.
 

SoCal2NYC

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New York is the State. New York City is the city composed of the 5 Boroughs: Manhattan, Queens, the Bronx, Brooklyn and Staten Island (although some will say that New York City proper is only Manhattan). The capital of New York is Albany.

NewYorkStateMap.jpg

new-york-city-map.jpg


I think condo and apartment are pretty interchangable; but, if you want to get technical. http://en.wikipedia.org/wiki/Condo

This describes a Co-Op and a Condo:
Co-operatives (Co-op)
A Co-operative is a form of ownership in which individual owners do not own their actual apartments, but rather they own shares in a corporation that owns the building. The resident/shareholder then has a proprietary lease for the apartment. It is important to note that co-ops often have an underlying mortgage on the entire building, meaning the tenant will have to pay a monthly share of the mortgage. This payment, along with the other costs associated with running the building (real estate taxes, employee salaries, fuel oil, etc) are passed along to the resident/shareholder in the form of a monthly 'maintenance' fee. The amount of shares the resident owns determines their proportion of fees. The amount of shares a resident owns is determined by their apartment's size, floor, light and views. A Board of Directors, (known as the 'co-op board' and comprised of tenants of the building), determine the rules of the co-op and the requirements for applicants looking to either buy or rent in the building. There are both modern and older co-op buildings. Most prewar buildings will fall into the co-op category. About 85% of apartment units for sale and purchase in New York City are in co-ops.

Buying in a co-op

In all co-ops there is a minimum down payment set by the board of directors. It is usually 20-25%, but can be any amount of the board's choosing.
A prospective buyer must go through a formal approval process set forth by the Board of Directors. This usually involves divulging all of your financial information, gathering a set number of reference letters from friends and business associates, and sitting for an interview with the board.
The co-op board has the final say on all applications, and does not have to give a reason if they deny an application.
Most co-ops want the applicant to have a set number of month's or year's worth of maintenance fees in liquid assets after they make the down payment. For example, if the board's rule is that the applicant must have one year of maintenance fees in liquid assets, and the monthly maintenance is $1,000, you must have at least $12,000 in cash equivalents after you make the down payment.
A portion of the maintenance charge will be tax deductible- this is the interest on the underlying mortgage. The deductible portion is usually expressed in an apartment listing as "Maint. $750/mo, 35% TD", meaning that $262.5 of the $750 is tax deductible.
Real estate taxes are included in the monthly maintenance fee

Renting in a co-op

Renting an apartment in a co-op is very difficult as many co-ops have very strict rules in regard to shareholders 'sub-leasing' their apartments.
Many co-ops have rules that stipulate that the apartments may only be sub-leased three out of five years, only year at a time with no renewal, or not at all.
Most co-ops will subject prospective sub-tenants to the same application process as a buyer.
Co-op boards usually meet only once a month at a set time, making the timing of an application very important. If an applicant misses the co-op board meeting one month, they will have to wait until the following month for the board to review their application.

Condominium (Condo)
A condominium apartment is real property. A buyer receives a deed to the property, and owns the apartment outright. By law, there cannot be an underlying mortgage on the property. A unit owner must pay a monthly common charge to cover the costs of maintaining and running the building. Since a condo is real property, the owner would be responsible for paying their own real estate taxes. If the unit owner has a mortgage, the bank collects 1/12 of the yearly real estate taxes every month and pays the city directly out of an escrow account. If the owner pays all cash and has no mortgage, the city will bill them twice a year.

Buying a Condo

You can finance up to 90% of the purchase price, provided you have good credit and sufficient income.
There is an application process when buying a condo, but it is not nearly as rigorous as that of a co-op. You will still need to provide some financial information about yourself, but you do not have to interview. The managing agent of the building sets the rules for buying and renting in the building.
Condos are generally more expensive than a comparable co-op. This price difference is due to the fact that there are less condominium buildings in New York; they are less expensive to carry; easier to rent out; and easier to purchase and sell.

Renting a Condo

Though much less complicated than a co-op application, there is a formal application procedure that must be followed when renting a condo.
The documents and requirements asked of the prospective tenant are similar to those in a rental building, but the process takes one to three weeks.
The condo board has the 'right of first refusal', meaning they can turn you down if they have an applicant of their own, but this is rarely exercised.
 

Presto87

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Originally Posted by SoCal2NYC
No I mean 60-90th St off Central Park West.
Oh
shog[1].gif
I really gotta get use to numbers representing street names
laugh.gif
Cheers for the info. as well!
 

Presto87

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Originally Posted by MetroStyles
The capital of New York is Albany. Manhattan is a borough of NYC. A borough doesn't really mean anything. Think of it as a massive neighborhood. There are 5 boroughs in NYC. I am sure you have heard of Brooklyn, for example, which is another borough.

Woah? Are you serious? I thought thats why they say "New York, New York" ... because NY was the state ... and also the capital!?? hmmmm ...

Yea a burough I guess is what we down under call a suburb. Yea Brooklyn bridge etc.
 

SoCal2NYC

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New York, New York means New York City. In the U.S. we typically say the "city, state."
Los Angeles, California
Dallas, Texas
Seattle, Washington
 

Presto87

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Ok sweet - so for future reference I know that I need to search for a 1Bed/1Bath Condo.

And in terms of New York - how does each borough rate in terms of property value, social lifestyle and security etc.?

Say for example - If I were to look for the above, at a max price of say $300,000 - is that feasible? If yes, what location is my best bet? Or, am I dreaming???
 

Presto87

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Originally Posted by SoCal2NYC
New York, New York means New York City. In the U.S. we typically say the "city, state."
Los Angeles, California
Dallas, Texas
Seattle, Washington


Ohhh ... I actually get it now!
tounge.gif
thanx!
 

Alphadave

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Originally Posted by Presto87
Ok sweet - so for future reference I know that I need to search for a 1Bed/1Bath Condo.

And in terms of New York - how does each borough rate in terms of property value, social lifestyle and security etc.?

Say for example - If I were to look for the above, at a max price of say $300,000 - is that feasible? If yes, what location is my best bet? Or, am I dreaming???


confused.gif
$300,000 would be dreaming in Sydney these days wouldn't it?
 

Presto87

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Originally Posted by Alphadave
confused.gif
$300,000 would be dreaming in Sydney these days wouldn't it?


Well if you wanted Sydney City - then totally dreaming! But there's a suburb called Parramatta which about half an hour out from the city - known as the "city" of the western suburbs - and a 1Bed/1Bath (or if your lucky 2Bed) apartment can be had for about 350,000 ...
 

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