New Yorkers, where would you live in NYC for $3k/mo?

[freekobe]

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Plus be prepared to a LOT more in the bank behind your down payment. If 20% was all you needed

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?? I know several people, myself included, who have put 20% down and bought a place in nyc. why did I need more than that again?

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Because many buildings require x $ in assets beyond the down payment. By way of example, if you wanted to buy a $1 million apartment on Park Avenue, you couldn't show up with $200,000 and expect to be able to buy it.

They want to make sure you can pay your mortgage if you lose your job or if you don't keep the same income you had when you filed your application to buy.

[Paluka]

This thread blows. I'm tired of people who believe that these 2 thing are always true:

a) paying $3k+ a month for rent is stupid.
b) buying is always better than renting.

I feel like I'm arguing about religion.

[Duke]

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It is similar to the "captive audience" approach movie theatres have when they sell you popcorn. They know they can charge you more because you have no choice but to buy it from them. Since Manhattan is and (I am willing to wager) for the rest of my life will be a place where there is a captive audience, I see no reason for the price of real estate to fall.

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But all of this is obvious to everyone else, so the current price of real estate should take all of that into account. If it is so obvious that prices will rise in the future, then people will start paying higher prices now, thus limiting your rate of return.

Also, no one is saying that the price of real estate is necessarily going to fall. You get the worst of it by investing in real estate if prices rise less than the interest rate.

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This is why it would cost my girlfriend $600k to buy her 850 square foot 1 bedroom. This is why she's continuing to rent.

~D

[BottlesOf]

[citanul]

it's almost like people don't understand that along with having higher rents, there's many high paying jobs in nyc... or well, just that it is possible that there exist people to whom 3k a month is a rather marginal amount of money in relation to how much they either enjoy living where they want to live or the amount they enjoy living well.

[sfer]

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in addition to looking up, there's no reason to believe that nyc will not expand into water area in the future, as japan does, as other countries have done, and as i believe manhattan has already done at least once, building a park by just basically putting a big pile of garbage next to the island, then paving it over.

citanul

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Yeah, the WTC site was landfill I believe.

[Voltron87]

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This thread blows. I'm tired of people who believe that these 2 thing are always true:

a) paying $3k+ a month for rent is stupid.
b) buying is always better than renting.

I feel like I'm arguing about religion.

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fair enough. i dont disagree with you. i was just objecting to sfer's particular comment.

[sfer]

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ok, yes, it is expanding, but marginally. i'd be interested in finding what % increase there was in housing last year, i dont know.

the point of whoever brought this up is that housing in manhattan is a relatively finite quantity, and it holds value very well. theyre right, and one of the reasons is because it is very hard to build more housing and it does not have much effect. there are also people willing to move into these new buildings, which is why they are being built, which supports that point that housing holds value.

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The expansion will always be marginal compared to the existing housing stock because there is already a ton of residential space in NYC. Duh. The notion that the amount of real estate here is fixed is retarded. Just look at a standard luxury high-rise. It's less than 30 years old. Did they start paving over cow pasture in 1970?

[jackdaniels]

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This thread blows. I'm tired of people who believe that these 2 thing are always true:

a) paying $3k+ a month for rent is stupid.
b) buying is always better than renting.

I feel like I'm arguing about religion.

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You are correct. There is no reason to argue about this stuff as what is good for one person isn't always what is good for another.
It is, however, always good to know what other options are available.

Let's give this thread back to ElD and his search for a place in NYC - we've done enough hijaking already.

[Ulysses]

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Unless you can SUSTAIN an income of over $100,000

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$100k? Are you joking?