My New Apartment

Discussion in 'Fine Living, Home, Design & Auto' started by SoCal2NYC, Jun 1, 2007.

  1. Violinist

    Violinist Senior member

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    I've never seen a realistic buy-vs-rent model that spits out a higher NPV for buy than rent on a 2-year hold on a NYC apartment - unless some crazy assumptions are made on the price appreciation. I've never heard anyone with real estate experience recommend the purchase of an apartment for a 2-year hold - it is generally not considered a sound financial decision unless the plan is to hold for 3 to 5 years. Obviously, everyone has different tax, income and net worth situation and the answer varies from one person to another...

    I don't know whether or not he took out a mortgage or not. 2 years is not a long time, but we also don't know how long he plans to hold onto it (he just said live in). I don't think it's such a bad idea to buy your first place in NYC. It's a good address I'm guessing.

    But like you say, everyone's situation is different.
     


  2. itsstillmatt

    itsstillmatt The Liberator Dubiously Honored

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    I've never seen a realistic buy-vs-rent model that spits out a higher NPV for buy than rent on a 2-year hold on a NYC apartment - unless some crazy assumptions are made on the price appreciation. I've never heard anyone with real estate experience recommend the purchase of an apartment for a 2-year hold - it is generally not considered a sound financial decision unless the plan is to hold for 3 to 5 years. Obviously, everyone has different tax, income and net worth situation and the answer varies from one person to another...
    I tend to agree here. I think that in general it is always dicey to look at your home as an investment as, eventually, you just keep selling and paying more for a better place without much real gain. I could not possibly move every two years to a new house. We have been in ours going on 10. I can't imagine picking up everything and leaving.
     


  3. Ambulance Chaser

    Ambulance Chaser Senior member

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    I also find the decision to live in this apartment for only two years to be curious. Not just for the reasons already mentioned, but also because the extensive upgrades to the fixtures are unlikely to yield a dollar-for-dollar return, and the furnishings may not work in the future space.
     


  4. SoCal2NYC

    SoCal2NYC Fashion Hayzus

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    Who said we were going to sell it after 2 years?
     


  5. Violinist

    Violinist Senior member

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    Who said we were going to sell it after 2 years?

    yea exactly. I mentioned in my post that you only said you were living there for 2 years. Where did everyone get the idea that you were just picking up and selling the place after you were done grad school (or whatever you're doing)?
     


  6. LabelKing

    LabelKing Senior member

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    My McIntosh story--I had a vintage '70s one that was being shipped and the entire glass front broke during transit. Fortunately it was insured.
     


  7. GQgeek

    GQgeek Senior member

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    My McIntosh story--I had a vintage '70s one that was being shipped and the entire glass front broke during transit. Fortunately it was insured.

    My mother had one stolen and the guy was caught leaving the house with it. He dropped it and ran, but the McIntosh survived. To this day, it still works great. Those things are built like tanks. [​IMG]
     


  8. itsstillmatt

    itsstillmatt The Liberator Dubiously Honored

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    That way you end up with spectacular pieces, instead of a page ripped out from a Knoll catalogue.

    Personally, I think that you end up with a place that looks like it is from a catalog (or worse from an American design magazine) when you try to do everything right and don't think about what you might want or like. It is the same thing as walking down the street dressed as this or that designer might have you do.

    When you start working from ideas like layers of color etc is when you go seriously wrong.
     


  9. Violinist

    Violinist Senior member

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    Personally, I think that you end up with a place that looks like it is from a catalog (or worse from an American design magazine) when you try to do everything right and don't think about what you might want or like. It is the same thing as walking down the street dressed as this or that designer might have you do.

    When you start working from ideas like layers of color etc is when you go seriously wrong.


    Are we agreeing here or did you read what I posted the wrong way?
     


  10. LabelKing

    LabelKing Senior member

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    The French decorator, Madeleine de Castaing, was well-known for her approach towards eclecticism. She had her entire storefront painted black and the interior was full of disparate things.

    She also used to wear a wig that was held by an obvious chin-strap.
     


  11. itsstillmatt

    itsstillmatt The Liberator Dubiously Honored

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    Are we agreeing here or did you read what I posted the wrong way?
    No, we are agreeing completely. I was trying to point out to SoCal that you could go buy all of your stuff at Moss and Cappellini and have a place that looked like their ads, or you could go to the very same two places and have something that was very personal looking. it is a state of mind and life, not just a matter of where you shop and whose things you buy. Somewhere like DWR is tougher because the pieces have less personality in general.
     


  12. Violinist

    Violinist Senior member

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    No, we are agreeing completely.

    I was trying to point out to SoCal that you could go buy all of your stuff at Moss and Cappellini and have a place that looked like their ads, or you could go to the very same two places and have something that was very personal looking. it is a state of mind and life, not just a matter of where you shop and whose things you buy.

    Somewhere like DWR is tougher because the pieces have less personality in general.


    I think in this case, you very much are what you buy.
     


  13. GQgeek

    GQgeek Senior member

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    FWIW, I agree on waiting and not buying everything at once. I did the same thing and regret a couple of decisions. It's not the end of the world because I didn't pay Capellini prices and will eventually replace a lot of it when I move, but still.
     


  14. itsstillmatt

    itsstillmatt The Liberator Dubiously Honored

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    We have picked up stuff on and off over the years. A lot of what we have is no longer being made. Other stuff is pretty common but has special meaning to us because of where we first saw it or when we bought it. That is much of the fun.
     


  15. LabelKing

    LabelKing Senior member

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    Point me in the right direction to a store that isn't Apt, Modernica, BO Concept, Armani Casa, Kartell, B&B Italia, Moss, Capellini, something that will look like you pulled it from a catalogue.

    Vintage goods, perhaps from Wright20.
     


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