Buying for Investment

Who is buying a studio in "prime manahttan" in this market and will have monthly carrying cost of less than $2,000? I am currently buying a studio for a family member. There aren't many studios out there for $300K with $500 in monthlies.

But if you bought 5 years ago they were all around 300k. That is why buyers pay a premium over renting, because in high demand areas, rents eventually catch up.

... when i came to nyc, it was extremely expensive for a studio to cost $1500 and now studios are past the $2000 mark.

my chelsea studio is now renting for $2500!!! i paid $1600 3 years ago.

To OP - I think you are looking for someone who already owns a studio to rent at that rate. If the person is closing - their carrying costs will not put their expected rent in your ballpark.

My studio would fall into that category, because I paid cash (1031 exchange). I would expect there are others out there. But mine is already rented out.

I am sure you don't want to deal with brokers because you don't want to pay the fee. Brokers have some of the best condos out there

I'm also looking at studios and the $300k are out there but I see a big difference in studios if you can up your budget to $360-$380. The studios are bigger (L-shaped).

what a great investment. current yield 3% or 1.5% on total mortgage amount. how awsome is that. buy buy buy

... plus appreciation and tax benefits and AMT proof depreciation. If you have 20% down, a 3% price appreciation = 15% gain. Not to mention if you bought a studio, you might have kept it as a rental property and bought a new home.

Well, you are all correct. I don't want to deal with a broker's fee and I probably should target those who already own their studio and either want to rent it out or are getting married or going to Europe, etc. But since Craig's List is saturated, this is the only way I can think of (aside from accosting people on the street, which I also do) to secure a decent studio apartment in this City. Again, I'm open to suggestion and thank you all for your input.

I own a studio on the upper eastside, 24 hour doorman, concierge, full state of art fitness center, pool. Great views but I want 2350. Bulding located in 80's between 1st and 2nd.

#13..your bldg. located between 1st and 2nd that's not exactly prime territory.

It amy not be on Park, Madison or 5th Avenue but its in a very nice upper eastside area with a top ranked NYC public School.

OP, you want a $2000 a month studio in a full service building, but frown upon an apartment East of 2nd. Do you want maid service included as well? How about a free parking spot?

I have a one bedroom in a full service condo, washer/dryer in unit, decorated by a top designer, fully furnished, top appliances, garage in building, on West 12th in the heart of the West Village. It rents for $2000. All you have to do is travel back in time to 1994, kill the Wicked Witch of the West, and get a clue about NY real estate.

What is prime territory? and why in the world would anyone want to rent a studio in prime territory for 2000 when they can easily get more and be extremely selective to who they rent it to.

I think it's a case of another mental patient who thinks he/she has something to offer and has other motives that are not revealed.

I have an studio in 5t avenue across from Central Park near 72nd. Might be willing to rent it out for 2000 but must be extremely neat, non smoker, no pets.

Comment #20, if you in fact do have a nice studio on 72nd near the Park I would very much be interested in learning more. I am extremely neat and do not smoke. I have a goldfish. Please contact me at creativesoulny@yahoo.com, and thank you for coming forward. It is not hard to find a studio in Manhattan for this price, but to find a nice one for someone whose environment is very important to her is difficult at best. Hope to hear from you.

In the bronx you can find a studio for 700

OP, do you think you will be approved by a co-op board as a subleasor?

Poster #21 I am the one who owns the studio near 72nd on 5th overlooking Central Park. I am sorry but my daughter tells it had been rented out about 10 years ago for 2000 a month. Gee how time fly's buy. When it does come available I'll ask her if she wants to rent it out for 2,000 a month but given the fact it was 10 years ago at that price I have to assume she will want higher rent. Sorry about that. PS I do have atudio on 125th near 8th avenue that I beleive will be availble at that price but I must check with my daughter to see if that's still available at 2000

Now that's funny

Yes, there is no reason to believe I wouldn't be approved by a co-op board as a subleasor, Comment #23. I am a professional 40-year-old and I make 40x the rent, etc. If they don't have an issue with aggressive goldfish, I'm in!

I too am a very neat professional female and will also rent someones studio in prime manhattan. I will be will to pay 2200 a month please send email to ihaveabridgetosellyou@ aol.com

#24 May not be, but it reads as the classical case of bite and switch tactics of some Realtors. Who that has a studio in 72nd and Park, would have to wait for her daughter (very feminist story) to tell her that prices change after 10 yrs?

I hate to break it to you OP, but 40 times the monthly rent won't cut it with a lot of co-op boards. Most landlords will rent to you with 40 or 45 times the monthly rent in income. So you would have no problem with a condo or a rental building. But boards are usually looking for a much higher rent multiple. I live in a pretty liberal co-op (we allow 20% down payments and only require 2 years post-down payment liquidity). My building's board requires that all subtenants earn 55 times the montly rent in annual salary and have at least a year rent in savings. Else they want a guarantor in the tri-state area who earns 120 times the monthly rent.

Do you have a guarantor?