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I have 500K-600K to spend

Started by OriginalPoster
over 19 years ago
Posts: 194
Member since: Jul 2006
Discussion about
I think deals are to be had in this down market, but how do you get them? I have 500K to spend and 100K to renovate or 600K to spend for an apt in move in condition. All of the brokers are telling me I need to buy a studio or small one bedroom. Yet I see apartments on the market for years! How do I get a junior4 or 2 bedroom for this price? It just seems like inventory is high and apartments are sitting on the market for years but people are still unwilling to budge on the price.
Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

Look in Queens or the Bronx, you can get a 2 bedroom for 500-600K in many areas. If you really want Manhattan, go to Inwood. Great deals on apartments up there.

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Response by OriginalPoster
over 19 years ago
Posts: 194
Member since: Jul 2006

I am more of an Upper Eastside/Sutton/Murray Hill type girl.

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

Then you can try to find a large studio or Junior-1 for $500K and convert it to a one-bedroom. Some of the better deals involve buying units in estate condition and buying from estates (beware, probate is a pain).

Do you have a high income and lots of cash on hand? The more difficult a board, the lower the price on a co-op. A large studio that would sell for $500K in a condo might be only $400K in a co-op with a challenging board.

Good luck.

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

Is it unusual to see an aparment in the city stay on the market for years? I thought most things moved quick. Can a tough co-op board really slow down sales that much?

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

You can definitely find a one bedroom for %500-600k. Start looking forforeclosures and also look on street easy in that range. good luck.

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Response by LCTNYC
over 19 years ago
Posts: 83
Member since: Jan 2007

I'm also looking for a place in the 600K range. It would open a lot of doors for us if you marry me and we look in 1.2 million range. Grrrrrrrrrrrrr. :)

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

Why dont you both exchange your myspace profiles #1 and #7?

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

then when you get a divorce who gets the apartment?

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

#1, don't believe everything brokers tell you! Definitely check out www.urbandigs.com if you haven't yet. Also, if you study recent sales (info avail here and elsewhere) you'll find that often things sell for quite a bit less than asking. Sometimes it's a shocking difference. The open houses I've been attending have had pitiful turnout, despite one hour time frames. My strategy is to make offers (first one on Monday) that are low but not ridiculous in light of recent sales and see what happens....You can always go up but you can't go down on your bid. Best of luck!

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

to stylewriter: If you're buying a co-op, it doesnt matter that you have 500-600k (and it better be in cash or approved at a 15/30 year fixed rate).

What matters is your income and work history.. approximately how much do you make a year?

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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006

I do find myself surprised sometimes at the interesting places available at low price though they are generally rather small. I'd say be patient but diligent & you'll find your right space in your desired area. I often hear people say how relatively affordable Murray Hill can be. As far as places sitting on the market for years, I think that's rare. Co-ops can be demanding as far as liquid assets on hand after your monthly expenses but they're not all ridiculous in their demands. Good luck! Keep at it & you'll find what you're looking for. Be diligent, patient & positive & call it to you.

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Response by OriginalPoster
over 19 years ago
Posts: 194
Member since: Jul 2006

That's brilliant! Then we will also pass right thru the stuffy boards that only want married people and scoff at singles. Are you free this weekend? We could fly off to St. Barth's and elope! It will be the first streeteasy wedding:)

"'m also looking for a place in the 600K range. It would open a lot of doors for us if you marry me and we look in 1.2 million range. Grrrrrrrrrrrrr. :)"

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