Manhattan real estate?

podey · 04-01-2008, 02:05 PM

Anyone have an idea if it will finally catch up with the rest of the country and fall? I want to buy in 3 years or so after I've saved up the 20% to avoid PMI and have enough emergency cash. What's killer in Manhattan "proper" is the maintanence. There's no way I'm paying what they're asking! $1000 a month on a 1 bedroom. I think I'll be looking up by Columbia where the maintanence is much cheaper....

brewer12345 · 04-01-2008, 02:09 PM

Psst! How about Jersey?

podey · 04-01-2008, 02:11 PM

Quote:

Originally Posted by brewer12345

Psst! How about Jersey?

Yeah yeah, I know. I grew up in Jersey and commuted for 10 months right out of college. Brutal.

Do you mean like Jersey city? For some reason I think I'd like Brooklyn better than JC....

brewer12345 · 04-01-2008, 02:15 PM

Quote:

Originally Posted by podey

Yeah yeah, I know. I grew up in Jersey and commuted for 10 months right out of college. Brutal.

Do you mean like Jersey city? For some reason I think I'd like Brooklyn better than JC....

Depends on what sort of lifestyle you are looking for, I guess. I'd personally prefer Astoria/LIC type area to Brooklyn or JC. Couldn't imagine actually paying for Manhattan RE, especially since it hasn't really dropped yet.

podey · 04-01-2008, 02:18 PM

Quote:

Originally Posted by brewer12345

Depends on what sort of lifestyle you are looking for, I guess. I'd personally prefer Astoria/LIC type area to Brooklyn or JC. Couldn't imagine actually paying for Manhattan RE, especially since it hasn't really dropped yet.

Well, I'm hoping it will drop by the time I want to buy. I'm fine with looking out of the typical bounds (Columbia, Morningside Heights). Probelm is most of my friends live in Manhattan and I've lived here for 9 years. I'm looking for a place that I can commute to work and friends apt's easily. This may be Brooklyn (Park Slope, Cobble Hill, Williamsburg) or way uptown. Not sure which yet...

dex · 04-01-2008, 02:33 PM

Take a look at the metro north commuter lines for ideas where to buy.

ChrisC · 04-01-2008, 02:56 PM

Hey, I spent most of my childhood in Brooklyn and know Cobble Hill well -- went to PS 29 too. I also lived in Harlem and Chelsea in Manhattan. Parts of Brooklyn are being "east-sided." I can't believe the changes my old neighborhoods have made over the last decade or so.

Real estate is so unique in NYC, with rent control and scarce land. It won't catch up and fail like the rest of the country.

BunsGettingFirm · 04-01-2008, 03:04 PM

Quote:

Originally Posted by brewer12345

Depends on what sort of lifestyle you are looking for, I guess. I'd personally prefer Astoria/LIC type area to Brooklyn or JC. Couldn't imagine actually paying for Manhattan RE, especially since it hasn't really dropped yet.

LIC? Man, you must be kidding me.

Texas Proud · 04-01-2008, 03:34 PM

I would think that Hoboken or Newport in Jersey City are good opportunities.... Seems priced OK and just a short PATH to the city...

Yes... the maintenance cost for a 1 bdrm is more than a house payment down here... and that does not even include the MORTGAGE.... scary...

podey · 04-01-2008, 03:38 PM

Quote:

Originally Posted by Texas Proud

I would think that Hoboken or Newport in Jersey City are good opportunities.... Seems priced OK and just a short PATH to the city...

Yes... the maintenance cost for a 1 bdrm is more than a house payment down here... and that does not even include the MORTGAGE.... scary...

I think I'm a little past Hoboken, I looked there when I was first looking for an apartment 9 years ago and though it OK, but not really for me. I love the city, all of my friends are here; I just don't want to get gouged by maintanence. The placed I am looking put it around $400-$500 a month, That's a little over 5 grand a year (yikes)

podey · 04-01-2008, 03:39 PM

Quote:

Originally Posted by BunsGettingFirm

LIC? Man, you must be kidding me.

The commute from there is too much, no way I would do that. Plus, who do I know what lives all the way out there

brewer12345 · 04-01-2008, 03:54 PM

Quote:

Originally Posted by BunsGettingFirm

LIC? Man, you must be kidding me.

Actually, much prefer Astoria (where we once lived), but LIC has become a very hip place to live, believe it or not.

brewer12345 · 04-01-2008, 03:55 PM

Quote:

Originally Posted by podey

The commute from there is too much, no way I would do that. Plus, who do I know what lives all the way out there

Ummm, LIC is 15 minutes from midtown.

podey · 04-01-2008, 04:04 PM

Quote:

Originally Posted by brewer12345

Ummm, LIC is 15 minutes from midtown.

really? i know someone who lives there and it takes her over 45 minutes to get downtown, where we work...

brewer12345 · 04-01-2008, 04:06 PM

Uh, we are talking about Long Island City, like, right across the river from Manhattan, right? 45 minutes would get you into midtown from the nether reaches oof Astoria or Jackson Heights.

ChrisC · 04-01-2008, 04:27 PM

Quote:

Originally Posted by BunsGettingFirm

LIC? Man, you must be kidding me.

Yeah, that's what the man said and no serious native New Yawkyer would ever mention that as a place to live. Oh well, I never thought Red Hook, where I spent a lot of my childhood, would emerge as a Bohemian place for artists. I just think of LIC and Astoria as a poor imitation of parts of the old Brooklyn Navy Yard.

podey · 04-01-2008, 04:28 PM

Quote:

Originally Posted by brewer12345

Uh, we are talking about Long Island City, like, right across the river from Manhattan, right? 45 minutes would get you into midtown from the nether reaches oof Astoria or Jackson Heights.

Midtown maybe, but she was talking downtown, where our office buidling is.

podey · 04-02-2008, 10:47 AM

Looks like my question was well timed...

http://www.nytimes.com/2008/04/02/ny...hp&oref=slogin

04-01-2008, 02:05 PM	#1
podey Recycles dryer sheets Join Date: Dec 2007 Posts: 102	Manhattan real estate? Anyone have an idea if it will finally catch up with the rest of the country and fall? I want to buy in 3 years or so after I've saved up the 20% to avoid PMI and have enough emergency cash. What's killer in Manhattan "proper" is the maintanence. There's no way I'm paying what they're asking! $1000 a month on a 1 bedroom. I think I'll be looking up by Columbia where the maintanence is much cheaper....

04-01-2008, 02:09 PM	#2
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,255	Psst! How about Jersey? __________________ “When you realize that you are one of the rare few who observe moral principles in their relationships with others, there is a temptation to sink into amorality, not out of conviction or pleasure but simply to avoid further pain, because there is no greater suffering than being an angel in hell, whereas a devil feels at home wherever he goes.” – Martin Page, How I Became Stupid

04-01-2008, 02:33 PM	#6
dex Thinks s/he gets paid by the post Join Date: Oct 2003 Posts: 3,060	Take a look at the metro north commuter lines for ideas where to buy. __________________ Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral

04-01-2008, 04:06 PM	#15
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,255	Uh, we are talking about Long Island City, like, right across the river from Manhattan, right? 45 minutes would get you into midtown from the nether reaches oof Astoria or Jackson Heights. __________________ “When you realize that you are one of the rare few who observe moral principles in their relationships with others, there is a temptation to sink into amorality, not out of conviction or pleasure but simply to avoid further pain, because there is no greater suffering than being an angel in hell, whereas a devil feels at home wherever he goes.” – Martin Page, How I Became Stupid

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04-01-2008, 02:56 PM	#7
ChrisC Recycles dryer sheets Join Date: Oct 2006 Posts: 475	Hey, I spent most of my childhood in Brooklyn and know Cobble Hill well -- went to PS 29 too. I also lived in Harlem and Chelsea in Manhattan. Parts of Brooklyn are being "east-sided." I can't believe the changes my old neighborhoods have made over the last decade or so. Real estate is so unique in NYC, with rent control and scarce land. It won't catch up and fail like the rest of the country.

04-01-2008, 03:34 PM	#9
Texas Proud Thinks s/he gets paid by the post Join Date: May 2005 Posts: 3,052	I would think that Hoboken or Newport in Jersey City are good opportunities.... Seems priced OK and just a short PATH to the city... Yes... the maintenance cost for a 1 bdrm is more than a house payment down here... and that does not even include the MORTGAGE.... scary...

04-02-2008, 10:47 AM	#18
podey Recycles dryer sheets Join Date: Dec 2007 Posts: 102	Looks like my question was well timed... http://www.nytimes.com/2008/04/02/ny...hp&oref=slogin

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