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

[Paluka]

Buying in NYC is basically gambling on real estate. The prices to buy compared to rent only make any sense if you price in a fairly optimistic appreciation rate.

[jackdaniels]

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At what age do you think people typically buy their first place in Manhattan?

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I have no idea. Most of my family (that is still in NY) bought property outside of Manhattan. I have one cousin owning in the city, but he married a girl who already owned there.

The key here is to be prepared when the opportunity presents itself. You are ready when you have a downpayment - what age this becomes a reality is directly tied to your earnings minus savings/expenditures. Keeping your nut low (a good goal for a poker player anyway) will allow you to be ready when the right property/business/investment opportunity comes along. A poster above said something pretty smart in that not owning allows you to use your money towards other investments where your ROI may be higher than if you bought instead of rented. This may be true as well - but usually isn't for most people because of 2 reasons:

1. Real estate investment is fairly secure and stable.
2. Most people cannot beat the returns real estate has been posting over the past few years with other types of investing (there simply aren't many such opportunities out there).

GL when you are ready to buy, it is a difficult but very satisfying process.

[turnipmonster]

just save up enough for a >=20% down payment and don't worry about how old you are then. start looking a little in advance, because it takes a while (at least it took us almost 9 months to find our place). I'd tell you to get a good lawyer for closing, but you probably already have that taken care of [img]/images/graemlins/smile.gif[/img].

[sfer]

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1. Real estate investment is fairly secure and stable.
2. Most people cannot beat the returns real estate has been posting over the past few years with other types of investing (there simply aren't many such opportunities out there).

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Hahahahahahaha. Consider that 2 violates 1.

[freekobe]

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just save up enough for a >=20% down payment and don't worry about how old you are then. start looking a little in advance, because it takes a while (at least it took us almost 9 months to find our place). I'd tell you to get a good lawyer for closing, but you probably already have that taken care of [img]/images/graemlins/smile.gif[/img].

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Plus be prepared to a LOT more in the bank behind your down payment. If 20% was all you needed, a lot more people in NYC could buy a place.

People who automatically think buying is "better" than renting haven't done the math. The numbers aren't always there. Right now, buying is not better than renting in a lot of neighborhoods in NYC.

[BottlesOf]

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Should random 21 year old 2+2 idiot get a 3K a month apartment?

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[img]/images/graemlins/cool.gif[/img]

[edtost]

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1. Real estate investment is fairly secure and stable.
2. Most people cannot beat the returns real estate has been posting over the past few years with other types of investing (there simply aren't many such opportunities out there).

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Hahahahahahaha. Consider that 2 violates 1.

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[censored] risk premium.

[turnipmonster]

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Buying in NYC is basically gambling on real estate.

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but is it more of a gamble in nyc as opposed to other areas? I think real estate markets have been relatively constant in many neighborhoods for quite some time.

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The prices to buy compared to rent only make any sense if you price in a fairly optimistic appreciation rate.

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my mortgage+maintenance pretty much equals the current going rental rate for my apartment. for most of the places we looked at, the mortgage would have been about the same as the rent, in some cases a little more. as long as this is case, isn't it clearly better to buy? am I missing something?

[Paluka]

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Buying in NYC is basically gambling on real estate.

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but is it more of a gamble in nyc as opposed to other areas? I think real estate markets have been relatively constant in many neighborhoods for quite some time.


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I meant this in reference to the fact that the prices don't make sense compared to the rental costs unless you price in aggressive appreciation.

[turnipmonster]

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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?