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Manhattan real estate?
Old 04-01-2008, 02:05 PM   #1
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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....
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Old 04-01-2008, 02:09 PM   #2
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Psst! How about Jersey?
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Old 04-01-2008, 02:11 PM   #3
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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....
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Old 04-01-2008, 02:15 PM   #4
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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.
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Old 04-01-2008, 02:18 PM   #5
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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...
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Old 04-01-2008, 02:33 PM   #6
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Take a look at the metro north commuter lines for ideas where to buy.
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Old 04-01-2008, 02:56 PM   #7
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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.
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Old 04-01-2008, 03:04 PM   #8
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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.
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Old 04-01-2008, 03:34 PM   #9
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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...
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Old 04-01-2008, 03:38 PM   #10
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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)
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Old 04-01-2008, 03:39 PM   #11
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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
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Old 04-01-2008, 03:54 PM   #12
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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.
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Old 04-01-2008, 03:55 PM   #13
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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.
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Old 04-01-2008, 04:04 PM   #14
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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...
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Old 04-01-2008, 04:06 PM   #15
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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.
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Old 04-01-2008, 04:27 PM   #16
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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.
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Old 04-01-2008, 04:28 PM   #17
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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.
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Old 04-02-2008, 10:47 AM   #18
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Looks like my question was well timed...

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