NYC guys, should I buy this apt.?

[thenanyu]

Went there today and talked to the RE agent. The sq foot count does not include the deck portion she says so I have to go back and take some measurements. If that's the case it adds about 80 sq feet or so. My commute there from work clocked in at just under 30 min door to door and it was a 15 min walk to my usual taco spot in Carroll Gardens. The thing it is really missing is a sense of neighborhood. It really feels quite isolated compared to my current spot in the LES. I think maybe the CoOp thing turns me off too. Maybe I just need to get used to NY. The RE Agent was pretty hot tho.

 

[RSS]

Originally Posted by NewYorkRanger

check the financial situation of the co-op itself....make sure its in good standing
Good advice.

My gut says rent ... but I recently sold a place in NYC for nearly 9x what I paid in 80. It was a decent investment ... and I lived in it part time.

Originally Posted by thenanyu

The thing it is really missing is a sense of neighborhood. It really feels quite isolated compared to my current spot in the LES. I think maybe the CoOp thing turns me off too. Maybe I just need to get used to NY. The RE Agent was pretty hot tho.

Neighborhood is important.

BTW ... I had a condo ... lower fee ... but I had property taxes to pay.

 

[otc]

Originally Posted by RSS

Good advice.

My gut says rent ... but I recently sold a place in NYC for nearly 9x what I paid in 80. It was a decent investment ... and I lived in it part time.

an investment in the S&P 500 on 1/1/80 would have sold for 28x what you paid on 12/31/10...so I don't know that that makes it such a great investment, especially after property taxes, maintenance, and upkeep (unless you adjusted for inflation already in which case you almost made market returns).

Sure you can't live in the stock market, but you could probably cover similar rent on the forgone returns.

 

[Johdus Fanfoozal]

Originally Posted by RSS

Good advice.

My gut says rent ... but I recently sold a place in NYC for nearly 9x what I paid in 80. It was a decent investment ... and I lived in it part time.

Neighborhood is important.

BTW ... I had a condo ... lower fee ... but I had property taxes to pay.

Co-op owners have to pay property taxes too. It's wrapped up in their monthly maintenance charges and (just like all real estate taxes on primary residences) can be deducted on a 1040.

 

[imageWIS]

Originally Posted by turboman808

Well that is true I left 3 years ago. Just answer me this. Since when do people refer to Brooklyn as NYC? As long as I have been there NYC was always Manhattan. My guess is they tell all the new people Brooklyn is NYC so they will pay stupid high rent. Yes I know technically Brooklyn is part of NYC but then so is Queens, Staten Island and the Bronx. When I lived in Forest Hills Queens I never said I lived in the city. I lived in Queens. When I lived in Dumbo I never said I was in NYC. I lived in Brooklyn. The only time I said I live in NYC is when I lived in Manhattan. I'm gonna start saying I live in NYC since Edgewater NJ is so dam close.

Best post ever. :thumbsup:

 

[scientific]

what is your reason for buying? im guessing it's because you're "throwing away money on rent" or some other "American dream" bs variant. (shhh don't tell anyone or stocks go to 0 again...)

the two valid reasons are :
1) leveraged speculation on the RE market
- as M0nster pointed out, RE market is still ******. NY finance firms are still in firing mode and will be for years so NY economy is ******.
- generally you want some insight that the area will be hot in years to come. seems you don't have this edge.

2) you plan to live there for a number of years and want to be able to do stuff to the place
- you're young and will want to upgrade soon. buying gives away the free option you get from renting
- it's a tiny condo just rent that **** bro.

 

[ShayaEXQT]

are you attracted to that specific area?

$1289 per month sounds a bit expensive for me.. i am paying $1100 in brooklyn

 

[MikeDT]

Originally Posted by patrickBOOTH

Aside from the snarky size comments by the people that clearly have no idea how people live in New York,
It's given me a reminder of why I've always hated living in huge cities. I like lots of space to spread out. Never lived in New York, but I lived in Hong Kong and London for a while, where they also pay huge rents for tiny living spaces. Would never do it again though if I can help it. TBH I would be terrified of rolling out of bed in this place. http://photos2.zillow.com/is/image/i...ei=234&wid=316 ...it looks like a long way down. Also in the other photos, I can't see any obvious way to get upto the bed area. Does one have to climb a ladder?

 

[tropics]

Originally Posted by thenanyu

it was a 15 min walk to my usual taco spot in Carroll Gardens.

i'm listening...

 

[patrickBOOTH]

Originally Posted by turboman808

Well that is true I left 3 years ago.

Just answer me this. Since when do people refer to Brooklyn as NYC? As long as I have been there NYC was always Manhattan. My guess is they tell all the new people Brooklyn is NYC so they will pay stupid high rent.

Yes I know technically Brooklyn is part of NYC but then so is Queens, Staten Island and the Bronx. When I lived in Forest Hills Queens I never said I lived in the city. I lived in Queens. When I lived in Dumbo I never said I was in NYC. I lived in Brooklyn. The only time I said I live in NYC is when I lived in Manhattan.

I'm gonna start saying I live in NYC since Edgewater NJ is so dam close.

New York City has five boroughs. If you pay New York City income taxes you damn well can say you live in New York City.

 

[LawrenceMD]

Originally Posted by turboman808

Well that is true I left 3 years ago.

Just answer me this. Since when do people refer to Brooklyn as NYC?
Yes I know technically Brooklyn is part of NYC but then so is Queens, Staten Island and the Bronx.

Each of the five points is a finger. When I close my hand it becomes a fist.

That said to the OP... if you can pay off that apartment/mortgage in less than 10 years and you have it assessed to be worth more than by then... you'll be 31y/o with property in Brooklyn that you can sell off/rent for supplemental income/nice nest egg.

 

[gomestar]

Originally Posted by patrickBOOTH

New York City has five boroughs. If you pay New York City income taxes you damn well can say you live in New York City.

yeah, but if I ask "where's home" and you say NYC, you'll just hear a big "aaaaannnd....?" from me inquiring on which specific neighborhood. If you're outside of NYC, you can get away with just NYC.

 

[RSS]

Originally Posted by otc

an investment in the S&P 500 on 1/1/80 would have sold for 28x what you paid on 12/31/10...
Interesting. The S&P 500 Index closed at 135.75 on 31 Dec 1980. It closed at 1257.64 on 31 Dec 2010.

Originally Posted by otc

so I don't know that that makes it such a great investment especially after property taxes, maintenance, and upkeep (unless you adjusted for inflation already in which case you almost made market returns).
I said decent investment. Decent means fairly good. In my vocabulary decent and great are not synonymous. Moreover, I would always assume that RE is part of a diversified investment strategy that includes stocks or other investment vehicles.

Although I did, it might also be noted that few people pay 100% cash for real estate and consequently rarely would invest a similar amount in the S&P 500. Certainly one could do the same with a S&P 500 ... but few borrow this way to invest. So as long as RE rises -- of course there is no promise it will -- you are getting a ride thanks to someone else's money. Then again, in favor of your investment advice, it should be noted that I bought when NY real estate wasn't selling and I got a good deal. Of course, only in hindsight will one know how low or how high the investment entry point was.

Originally Posted by otc

Sure you can't live in the stock market, but you could probably cover similar rent on the forgone returns.
In today's market ... you may well be right. 2010 rent on my apartment would have been 7x what it was when I purchased in 1980.

DISCLAIMER: More than 50% of my income is derived from investment real estate (much of it residential rental property). My best interest is to keep you renting. Of course, if everyone starts buying, I could always benefit by selling. It's a nice place to sit.

 

[RSS]

Originally Posted by Johdus Fanfoozal

Co-op owners have to pay property taxes too. It's wrapped up in their monthly maintenance charges and (just like all real estate taxes on primary residences) can be deducted on a 1040.
Understood. I added my comment because with a condo, taxes are paid directly by the apartment owner and not via the monthly fee as they are with co-ops. It was my attempt to explain why the monthly fee on a condo is often lower.

I still own a co-op in New York and that property tax is indeed deductible.

 

[changy]

Originally Posted by turboman808

Well that is true I left 3 years ago. Just answer me this. Since when do people refer to Brooklyn as NYC? As long as I have been there NYC was always Manhattan. My guess is they tell all the new people Brooklyn is NYC so they will pay stupid high rent. Yes I know technically Brooklyn is part of NYC but then so is Queens, Staten Island and the Bronx. When I lived in Forest Hills Queens I never said I lived in the city. I lived in Queens. When I lived in Dumbo I never said I was in NYC. I lived in Brooklyn. The only time I said I live in NYC is when I lived in Manhattan. I'm gonna start saying I live in NYC since Edgewater NJ is so dam close.

It depends on who you are talking to. If you are traveling and talking to people not from NY, you'll probably tell them you are from NYC regardless which borough you live in. If you are talking to someone from NY, you'll probably say either Queens, Williamsburg or 82/Madison Regarding the apartment, at 25 you will outgrow the apartment pretty fast and if rent = expenses, its not a good rental property. Being in Brooklyn, its wont be a great pied a terre when you move to a new place/city.