|
[HELP] NYC Apartments (pg. 2)
|
View this Thread in Original format
| Trancealot |
| quote: | Originally posted by The Vza
when i lived in the city i was in a studio at 181 7th ave (between 20 and 21) with a doorman, elevator, and balcony overlooking 7th. cost me 2400/month. when I move back, like i said in a diff thread, ill be looking in BK or Queens somewhere close i think |
My two cents..
Manhattan is basically can you afford above 2k or not. If so then you get the goods or above average. If not then if you find something decent take it or there will be 3 other people in line for that ish. |
|
|
| magikb |
| quote: | Originally posted by chimera66
http://www.454manhattan.com/
archstone clinton
i love this building! my friend is moving in next month, she got one month free and doesn't have to pay a security deposit. i've seen the building too and i really like it but the apartments are true to size meaning a one bedroom is really only a one bedroom not two. |
That place is beautiful, but I couldn't ever justify paying that kind of rent a month. For something the size I am living in now would cost me 3x what I pay for my mortgage here. :eyes:
(if I could afford it, maybe it would be a different story :p) |
|
|
| chimera66 |
| quote: | Originally posted by magikb
That place is beautiful, but I couldn't ever justify paying that kind of rent a month. For something the size I am living in now would cost me 3x what I pay for my mortgage here. :eyes:
(if I could afford it, maybe it would be a different story :p) |
understandable, there is a threshold of how much rent i will pay as well. paying rent is such a bad financial decision if you are paying ~$2,200 plus alone and know you plan on remaining in an area for a long time. my next step is a mortgage, that's the only way i can justify paying ~2,200 plus. |
|
|
| jerZ07002 |
| quote: | Originally posted by chimera66
understandable, there is a threshold of how much rent i will pay as well. paying rent is such a bad financial decision if you are paying ~$2,200 plus alone and know you plan on remaining in an area for a long time. my next step is a mortgage, that's the only way i can justify paying ~2,200 plus. |
the problem is 2,200 a month is probably unrealistic for an apartment in a good neighborhood in manhattan. 2200 a month covers a $366K mortgage @ 6% for 30 years, exclusive of maintanence and taxes. A more realistic mortgage payment is 3300+ a month (550K principal @ 6% for 30 years), exclusive of maintanence and taxes. The addition of taxes and maintanence could add hundreds to your monthly bill. Additionally, the 550K would only buy you a 1br shoebox in most likely a questionable building. I love manhattan, but not that much - you get much more value per dollar in Jersey or BK. |
|
|
| DJ_Lord |
| quote: | Originally posted by jerZ07002
the problem is 2,200 a month is probably unrealistic for an apartment in a good neighborhood in manhattan. 2200 a month covers a $366K mortgage @ 6% for 30 years, exclusive of maintanence and taxes. A more realistic mortgage payment is 3300+ a month (550K principal @ 6% for 30 years), exclusive of maintanence and taxes. The addition of taxes and maintanence could add hundreds to your monthly bill. Additionally, the 550K would only buy you a 1br shoebox in most likely a questionable building. I love manhattan, but not that much - you get much more value per dollar in Jersey or BK. |
buy in bridgeport, CT. emerging re market. however, not to live, just speculation. |
|
|
| jerZ07002 |
| quote: | Originally posted by DJ_Lord
buy in bridgeport, CT. emerging re market. however, not to live, just speculation. |
RE speculation (by unqualified buyers) is the primary cause of the current worldwide economic mess. I would stay away from RE speculation for a while. |
|
|
| DJ_Lord |
| quote: | Originally posted by jerZ07002
RE speculation (by unqualified buyers) is the primary cause of the current worldwide economic mess. I would stay away from RE speculation for a while. |
yes but it is much tighter after the main crunch to approve unqualified buyers. |
|
|
| EliPsE |
| I could never justify paying that much. That is why I rather be in NJ and just take the path train over. |
|
|
| jerZ07002 |
| quote: | Originally posted by DJ_Lord
yes but it is much tighter after the main crunch to approve unqualified buyers. |
Mortgage brokers have done a number on how people value real estate, namely by making financing easy to acquire (so unqualified buyers could bid up prices) and creating exotic loans that inflated the principal amount of loans and thus the property values. Real estate values should not be based on how much people can afford to pay (as you know) because that does not focus on the asset, rather, it focuses on the purchasing power of the consumer (and in this case, the purchasing power was overestimated). As I'm sure you know, real estate should be based on the return that the purchaser could acquire on the property (in this case, the rental value of the property divided by the discount rate). This should be true even for residental real estate. Because residential real estate is sold mainly by brokers and agents without a finance background, they can't give a purchaser an accurate estimate of the value. |
|
|
| AY STAR |
| quote: | Originally posted by jerZ07002
you get much more value per dollar in Jersey or BK. |
yea brooklyn,queens,nj
you get alot more for your $$ and your maybe 30 min away from manhattan |
|
|
| chimera66 |
| quote: | Originally posted by jerZ07002
the problem is 2,200 a month is probably unrealistic for an apartment in a good neighborhood in manhattan. 2200 a month covers a $366K mortgage @ 6% for 30 years, exclusive of maintanence and taxes. A more realistic mortgage payment is 3300+ a month (550K principal @ 6% for 30 years), exclusive of maintanence and taxes. The addition of taxes and maintanence could add hundreds to your monthly bill. Additionally, the 550K would only buy you a 1br shoebox in most likely a questionable building. I love manhattan, but not that much - you get much more value per dollar in Jersey or BK. |
i never said i wanted to eventually buy a place in manhattan. the cost is just ridiculous and not worth it imo. when i get to that point i will move because i miss all the comforts of home so that means suburbia |
|
|
| DJ_Lord |
| quote: | Originally posted by jerZ07002
Mortgage brokers have done a number on how people value real estate, namely by making financing easy to acquire (so unqualified buyers could bid up prices) and creating exotic loans that inflated the principal amount of loans and thus the property values. Real estate values should not be based on how much people can afford to pay (as you know) because that does not focus on the asset, rather, it focuses on the purchasing power of the consumer (and in this case, the purchasing power was overestimated). As I'm sure you know, real estate should be based on the return that the purchaser could acquire on the property (in this case, the rental value of the property divided by the discount rate). This should be true even for residental real estate. Because residential real estate is sold mainly by brokers and agents without a finance background, they can't give a purchaser an accurate estimate of the value. |
i understand that, but i was referring to giving mortgages to people with bad credit (unqualified buyers) as it happened since 2005.
what you are talking about though, is completely true and that is why we have re finance. when we buy a property we hire a realty firm that can construct models on the item for better understanding. my boss just purchased a building in las vegas (residential) and we hired a realty firm to evaluate the asset with projections on its current standing including possible volatility in las vegas re market.
also, as you said, the price was overestimated. this is the case in every single market, globalization is established in creating bubbles of everything, to me they are opportunities. |
|
|
|
|
