I went into contract this week, and this is mostly a function of needing to find a place to live due to relocation. My corporate housing was running out. Wife pressure to close a deal probably also adds to the mix. Found a nice place in Carnegie Hill, got a decent price for it a price race to the bottom against another unit in the same exact line obviously helped a lot. However I almost feel like... [more]
I went into contract this week, and this is mostly a function of needing to find a place to live due to relocation. My corporate housing was running out. Wife pressure to close a deal probably also adds to the mix.
Found a nice place in Carnegie Hill, got a decent price for it a price race to the bottom against another unit in the same exact line obviously helped a lot. However I almost feel like a forced wedding, I think I find that I need a house and several months of house hunting took a toll. Do I beleive this place is an investment HELL NO do I think I will make a profit in the future NO WAY. I will be more than happy if it HOLDS value. I guess this is my current view of realstate.
I wonder how many people out there are buyers like me. Contrary to many people here I hate visiting open houses and going trough 300 listings. I think I probably saw more than 200 apts all over manhattan, heck I even checked williamsburg.
If you are wondering about all the contract activity remind yourselves that some people need to buy and house hunting for years is not an option.
[less]
Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007
how do you know, then, that it's their own parking spots and not building employees? you can intuit that from the FDR?
Ignored comment.
Unhide
Response by carnegie
over 16 years ago
Posts: 166
Member since: Mar 2009
How many building employees are there?
Ignored comment.
Unhide
Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007
even better, you're attempting a statistical analysis of what autos those poor project tenants own as you speed down the FDR?
i never said anyone has any right to buy anything. i said the average person is not buying the McMansion. read the thread. we're talking about people not being able to get by at all, renting or buying.
Ignored comment.
Unhide
Response by cb1
over 16 years ago
Posts: 6
Member since: Feb 2009
I hear where you're coming from! Same discussion in our house currently, only we yet to have a contract (not for lack of trying though). A fair chunk of it has to do with the exhaustion from trying to find a place.
Congrats, and best of luck.
By the way - 3.9%?!? Holy smokes I'm jealous. I'm guessing that's because of the 33% down? Still, that's a damn good rate.
Ignored comment.
Unhide
Response by carnegie
over 16 years ago
Posts: 166
Member since: Mar 2009
santaoct, that's a great rate. Just checked but couldn't find it on Wells Fargo's web page. Did you go through a broker?
Ignored comment.
Unhide
Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007
ali, missed your comment. you didn't have a lock? how much of an increase were you hit with? still, it looks as though you're in the home stretch. it's such an exhausting process, even when it goes entirely smoothly, and it rarely does. good luck!
Ignored comment.
Unhide
Response by ba294
over 16 years ago
Posts: 636
Member since: Nov 2007
There is no way he is getting that mortage for 3.8% with only 33% down.
I've done 50% down and the lowest I've seen was 4.5% for 30 years. This rate is impossible for Jumbo.
Most likely he has a studio worth 200k and small amount of loan @ 3.8%
Ignored comment.
Unhide
Response by NYCMatt
over 16 years ago
Posts: 7523
Member since: May 2009
Unless he's going through a private bank.
But the last time I checked, even BNY/Mellon was only offering 4.00 for its best clients.
Ignored comment.
Unhide
Response by ba294
over 16 years ago
Posts: 636
Member since: Nov 2007
4% is with a point at least.
Ignored comment.
Unhide
Response by NYCMatt
over 16 years ago
Posts: 7523
Member since: May 2009
Not at BNY/Mellon. 4.00 with no points.
Ignored comment.
Unhide
Response by santaoct
over 16 years ago
Posts: 74
Member since: Feb 2009
To close the argument that was a fat fingered mistake rate is 4.8% sorry for the confussion, I wish it was 3.8% and yes rates jumped quite a bit in the last 2 days. To add to my missery some kids aparently tried to blew up the starbucks close to my new place. Neighborhood it seems is going downhill.
This thread has also been featured on Curbed. It's spreading around the internet liek wild fire!
Ignored comment.
Unhide
Response by nyc10023
over 16 years ago
Posts: 7614
Member since: Nov 2008
I can see why. Santaoct was very eloquent in his description of his house-hunting travails. I can just picture the husband-wife bickering after every OH. This whole thread can be reduced to "He Hunts, She Nests".
'/%3e%3c/g%3e%3c/svg%3e)
how do you know, then, that it's their own parking spots and not building employees? you can intuit that from the FDR?
How many building employees are there?
even better, you're attempting a statistical analysis of what autos those poor project tenants own as you speed down the FDR?
i never said anyone has any right to buy anything. i said the average person is not buying the McMansion. read the thread. we're talking about people not being able to get by at all, renting or buying.
I hear where you're coming from! Same discussion in our house currently, only we yet to have a contract (not for lack of trying though). A fair chunk of it has to do with the exhaustion from trying to find a place.
Congrats, and best of luck.
By the way - 3.9%?!? Holy smokes I'm jealous. I'm guessing that's because of the 33% down? Still, that's a damn good rate.
santaoct, that's a great rate. Just checked but couldn't find it on Wells Fargo's web page. Did you go through a broker?
ali, missed your comment. you didn't have a lock? how much of an increase were you hit with? still, it looks as though you're in the home stretch. it's such an exhausting process, even when it goes entirely smoothly, and it rarely does. good luck!
There is no way he is getting that mortage for 3.8% with only 33% down.
I've done 50% down and the lowest I've seen was 4.5% for 30 years. This rate is impossible for Jumbo.
Most likely he has a studio worth 200k and small amount of loan @ 3.8%
Unless he's going through a private bank.
But the last time I checked, even BNY/Mellon was only offering 4.00 for its best clients.
4% is with a point at least.
Not at BNY/Mellon. 4.00 with no points.
To close the argument that was a fat fingered mistake rate is 4.8% sorry for the confussion, I wish it was 3.8% and yes rates jumped quite a bit in the last 2 days. To add to my missery some kids aparently tried to blew up the starbucks close to my new place. Neighborhood it seems is going downhill.
http://www.cnn.com/2009/CRIME/05/28/starbucks.explosion/
Conforming, right?
yes conforming
santaoct, I am sorry to tell you that you've achieved your proverbial 10 minutes of fame:
http://www.businessinsider.com/but-my-wife-made-me-buy-this-crappy-overpriced-house-2009-5
This thread has also been featured on Curbed. It's spreading around the internet liek wild fire!
I can see why. Santaoct was very eloquent in his description of his house-hunting travails. I can just picture the husband-wife bickering after every OH. This whole thread can be reduced to "He Hunts, She Nests".