Bidding on Apt

what did comps sell for in 2001? 2002? 2003? I'm guessing $350k-$450k. There's your answer. Falling knife, meet eager hand.

Sport bidding?

comps sold in the low 400s in 2004/2005....dont have prior to that.....do we seriously believe 1 bedrooms will be at the 300's level ? This apt in todays market should sell for 599k...so if you discount lets say 30%....should sell in 2 yrs if it goes down at 450k....so 525k is a close price.....thats where it gets confusing...if you can get an apt discounted to 525k in todays market......evenif it goes down...it will go down from the 599k price...not the discounted low balled 525k price..if that makes sense?

I actually gave up on bidding on any apartment in today's market. Seller's are still in dreamland as to what their properties are actually worth so I re-newed my lease for another year and won't even start looking again until this Winter but hey if you like the place and plan on staying there for at least 5 years, it might be worth it.

I am already seeing apts at 2003 levels in chelsea - some even lower. I didn't think that would happen but it is happening. But these are higher priced apts. My point is what is inconceivable today can be the reality in the coming time.

just so I don't have to do the work, where are you seeing 2003 levels in Chelsea?

I am still looking. Many of the listing I have looked at have recently gone into contract on the UWS. Most of the ones that are selling seem to be going for 04-05 prices.

yes...seems like 04 05 pricing.....which is pretty good.....and that happened in 7 months....could we see 2001 pricing by mar 2010? It certainly wont go up....but might stabilize......

Luchias......if you find the right sellers....they arent in dreamland...look at the pricing declines on this apt......i believe these sellers are realistic for this market..dont u?

Mhillqt...bottom line-do you love the apt? are you happy getting the apt. at this price no matter what happens, down or up over the next few years? Yes,I am a real estate agent and this is what I ask my customers. If you are an investor and this will not be your primary residence then forget the questions I just asked. There is a whole other set for investors. If you need and want a home of your own and this one makes you happy then determine how much money you would be willing to pay for it and still feel good about the purchase and owning the apartment. Don't spend a penny more than that amount.
You are right about finding the "right sellers" . They exist. Also, Manhattan is full of micromarkets and I really mean "micro" .Example, a line of apt. in a building had a low priced sale recently (say close to 2005 pricing)..that becomes THE COMP for that line as far as the appraisers are concerned when they come in to appraise for the bank that will provide the buyers their mortgage. The other apartments in the building maintain 07,08 pricing and sales but that one line has declined in value due to the low priced 2005 level sale and in a "declining market" the appraisers will drive the sales prices of that line further down with their mandatory market adjustments. There are isolated instances of this all over the island. It is not a general rule.

Correction: the appraisers don't drive the sales prices down, the lower sales prices are a result of the lower appraisals

yes...in essense i would be repricing the building if this offer was accepted.....i do love the apt and location but after waiting 15 yrs for the pricing to come down...i would be majorly BUMMED if this apt went down to 400k in 1 or 2 years.....but also BUMMED if apts started to go up in 1 or 2 yrs and i missed the boat again...tough call...

mhillqt, one of the many reasons the smaller units can find buyers is that the risk, in dollar terms, is not so great. not that anyone wants to consider the possibility of having a declining asset immediately upon purchasing, but the difference between what you purchase this unit for and where it might end up isn't the chunk of change someone lost buying a cookie-cutter post-war two bedroom for $1.5 million in 2007.

does the total cost compare favorably to renting? doesn't have to be the same, or less expensive, to me unlike some others, just within reason. rents are falling, it's true, but if it's well within your means, you're tired to death of waiting and looking, and you really like the apartment and feel that you'd be happy in it for at least 7 or so years, go for it. and then ignore prices entirely or you might drive yourself crazy.

nghennessey "If you are an investor and this will not be your primary residence then forget the questions I just asked. There is a whole other set for investors"
Could you elaborate on the set for investors in this market?

thanks aboutready(love the name)im in a rent stabilized apt....CHEAP but small...want to upgrade but can wait 1 or 2 years if i have to......but yes...tired of waiting..im in my 40s.......we will see.....

Mhillqt: you have to trust your gut feeling. This is a tough decision to make. I personally would go for it, especially if you can see yourself living in this apartment for the coming few years.

IMHO prime Murray Hill is not the most vulnerable 'hood, but neither is it the most secure, in the event of further declines. If all the facts were the same and the location were Upper East Side (with suitable price adjustment of course) then I would guess no, I don't think you'll be at 400K (suitable price adjustment again) next year. I wouldn't say no for Murray Hill. All anyone can do is guess, of course.

I'm working a nice established place on the border of Murray Hill and Gramercy right now. You've offered a decent price, but methinks things are slow there.

{Manhattan real estate agent.}

Fluter, why no if UES?

This is Murray HIll on Park avenue....differant from UES park avenue but still a nice block.

murray hill, for the nicer blocks, has historically been one of the most underpriced neighborhoods in the city. prices definitely rose in that neighborhood, and significantly, but they never quite seemed to quite catch up (oddly the Corinthian did, in a much worse location, go figure). so i think there is a bit more room for stability there, although being the uberbear that i am i still expect more declines.

i think the uppers are showing the most downward activity in the medium-sized one bedroom market, actually. who knows where the neighborhoods will wind up, but isn't by far the largest supply of smaller apartments on the UES?

Mhillqt -- What is the harm in waiting? If that place goes from $525,000 to $450,000 in a year and a half, that's $75,000!!! Now there appear to be some people on this board who view $75,000 as walking around money. But I get the impression that you are not one of them. Think about it, if you make $150,000 a year, that's 5 YEARS of savings @ 10% a year (on top of what you're hopefully putting in a 401K)! That is a HUGE amount of money for any normal person to accumulate in cash, so why waste it?

Debt service on $75,000 is $437/mo -- that's 4 dinners at Artisanal!

west34, i agree completely. but i can see where someone might go ahead and buy. there is little chance that there will be an increase in prices, there is some real chance there will be an increase in interest rates in a year or two, mortgages are now relatively available for lower-priced apartments.

each person has to make their own decision. if price is the ONLY consideration, then i think people needn't beat themselves up for waiting. particularly mhillqt, who has a very cheap rs apartment and will be able to continue to save.

all good points.....i guess i just liked this apartment because it was renovated in my taste.....all the other apts i saw were not.......something to think about....im sure this apt wont be around in in 1 year.......

Luchias......if you find the right sellers....they arent in dreamland...look at the pricing declines on this apt......i believe these sellers are realistic for this market..dont u?

Mhillqt the price on this apt has come down since it was first listed but if the price was inflated to begin with, that doesn't mean much. Ultimately though--it's up too you. If you really like it and plan on living there for quite sometime before you re-sell it, then why not make an offer? You have nothing to lose by doing so.

btw I also live in a rent stabilized apartment and after revealing that on this board, there were snarky comments from morons who have no idea what they are. One a-hole even went as far as to say he was quote 'supporting me' just b/c I was lucky enough to stumble upon a rs place, so be prepared. I'm sure if you mention it enough yet another uninformed d#ckwad will chime in.

how much roughly do you think the "renovated in my taste" would cost you? i would urge you to consider non replicable factors like: great layout, big rooms, excellent view, unusually low maintenance, rather than renovations. not only can you create renovations (all about the dollars, of course) but you have the problem that if and when you need to sell, they may not have aged well or appeal to others. timeless factors like those mentioned above carry greater enduring value.

Mhillqt -- there's ALWAYS another apartment! Nice one-bedrooms in that part of Murray Hill are practically a commodity. It's not like you're shopping for 3000sf in the Dakota.

What building is this?

Actually, I've noticed that there is a lot of actual buying going on in the last few months. People seem to be watching apartment prices go down, and then are pouncing. If you've waited for 15 years, and don't do this this year, for a full one bedroom at this price, you'll never do it.

PH41.....i missed the boat in 1996 and then as pricing went up...was satisfied with my rent stabilized cheapo apt.......i waited 15 yrs because thats how long it took for prices to start going down again......doesnt mean i wont buy now that its heading south.

ph41, for almost every small unit that has sold another has been added to inventory. there are a ton of apartments available, and they will continue to be available. low mortgage rates, more flexible sellers, and an exciting season led to increased sales volumes. i review recorded sales regularly, prices are definitely not going up and the recent spate of purchases probably cleared out a fair amount of pent up demand in that market segment.

"heading" south is correct, mhillqt. there are a ton of owners in the murray hill area who paid pennies for their apartments. all it takes is a bit of distress and some interesting opportunities arise. never fall in love with an apartment until the closing is finished and you have the keys in your hands. prior to that there are, with a very few exceptions, always equally good opportunities to be had in a down to sideways market. but, as i said before, buy if you feel so inclined and then just don't think about it, enjoy your new home.

About ready, I really don't understand your post. Do you actually own an apartment? Just look on Streeteasy, or the NY Times, using $500M as the top price for a one bedroom, and see what results you get- most are actually alcove studios, or in bad building on 36th street (right where all the midtown tunnel traffic starts blaring their horns) or in Tudor City (small, dark, looking out at brick walls).

Best thing is to really think if you are unhappy in your current rent stabilized space. If you like it, and the rent is great, then invest your money somewhere else.

If you don't, then really start looking. I don't think prices are ever going down to 2001-2-3 levels. That is a pipe dream. Most of the people writing on these things just have a hard time thinking that in today's market, a seller might actually make money. I agree, if the seller bought in 2006-2007 (maybe even in late 2005)there are a number of distress sales to be taken advantage of, but prior to that, prices were lower, and we won't see those prices again.

The other question is, how long do you see yourself staying in the apartment you buy? If it's for the long term, look for one you'll be happy in for the next 20 years, at a price that YOU think is fair, (so give a lowball offer on this one) and go for it.

how funny, ph41. i spend hours looking at listings, new, old, and recorded sales. i've bought and sold two apartments in Manhattan, one bought in 1996, one in 2001.

i think you're absolutely right that anyone who is interested in buying should be looking. but not necessarily buying. prices will continue to fall. the problem with looking is that it is very easy to fall in love, and shortly after there you are with a depreciating asset.

spend some time in the comps threads. btw, some of the apartments in Tudor City are lovely, and not dark at all.

no ph41 (broker), some of the people writing these things are people like me who actually own our coops outright, and we bought them back before the bubble turned Manhattan real estate into tulips. We know what tulips are worth, and we also have a sense of history because we've lived in this town a long time, so we know what one bedroom apartments are really worth. We expect prices to return to realistic ratios to incomes and rents and we don't even care that OUR homes' values are dropping as well. It was all paper money anyway. The only people who don't understand that are brokers who have a vested interest in wasting every naive apartment seeker's hard earned money by encouraging them to buy rapidly depreciating assets.

I am not a broker, just a coop owner who bought a febulous apartment in 98, at what seems now a ridiculously low price, but at the time I still agonized over the decision. Interesting that you aren't upset about your depreciating asset - even when you bought people were probably looking for a "low point". Aren't you glad you bought and are living in a place you like?

I do look at the comps, but you never really know the condition of the apartment, the views, and also you have to look at the comparables maintenances (which, in a fully serviced building does run about $1.50/ft.

Let's all just make MHquillqt totally nuts about looking for, and actually possibly BUYING, an apartment,especially those of us who purchased before the "craziness", like aboutready - why don't you go out looking now, in real life, and see what you find.

if you're not a broker, i'm a peanut.

i am out looking. i do open houses for fun as well. i know what i find, and i know what i found last year, and i know what i won't settle for in purchasing. i may or may not buy in this market, no pressure on any front here. i rent now, having sold my apartment in 2004. i know how to look at comps, btw, although i sometimes miss the balconies.

if you're not a broker you ought to be.

You're a peanut!!

about ready, I am beginning to understand your comments. You sold,somewhat before the peak, but obviously still would have done well, and now, you just want to see prices at 2002-2003 levels, so you can feel good about buying after selling a little too early.

Good luck.

don't play therapist, unless licensed. i pay less than 10% of take home income on rent. i was happy to sell when i did, and i was dreadfully unhappy for awhile to be priced out. now i'm not, i'm perfectly happy with our current situation, and i'll be happy if i buy again, at a price that reflects rentals and incomes, and i'll be happy if we continue to rent and save money. i certainly don't need the additional appreciation i would have received on the two bedroom, particularly as i've been paying much less the last five years on living expenses than i would have in that unit.

but nice try.

I am not "trying" anything - just responding to your posting, which, actually, tells me I was right on the mark. You don't really like your rental (you were "priced out" of the market when you were looking, and now you're hoping to buy at 2003 levels, as I said.

You must be living in a pit, if your rent is that low.

or perhaps you've overlooked the other side of the equation.

"'heading' south is correct, mhillqt. there are a ton of owners in the murray hill area who paid pennies for their apartments. all it takes is a bit of distress and some interesting opportunities arise."

Agreed, but not just MH. Look at large places like Cooperative Village and Lincoln towers. TONS of 1 br's all over town bought for sub $200,000 at some point in time with a potential for a "need to move" situations which could lead to buying opportunities.

"The only people who don't understand that are brokers who have a vested interest in wasting every naive apartment seeker's hard earned money by encouraging them to buy rapidly depreciating assets."

I guess 2,000 some odd brokers bought in the last few months?

"anyone who is interested in buying should be looking"

I think that depends on what you define "interested" as. I think if someone is "interested" in buying at 50% off the current price levels, doing anything else than going to a few open houses is wasting people's time who are not being compensated or have any reasonable chance of being compensated. As well as the buyer's time.

30yrs -- the comment was directed at ph41's reference to "people writing these things", meaning on this board.

ph41, now you're not only trying, you're reaching. i love my apartment, now. i'm not priced out any longer, in the slightest, which makes me ironically like my apartment much more. and last year i put $10k into our kitchen, and additional amounts into new furniture, painting, etc. you really shouldn't assume anything about someone when you have no knowledge of their circumstances.

and cc is right. you're ignoring the other side of the equation. and i would never buy at 2003 prices. 2001 maybe.

30yrs, i agree that there are numerous other areas heading south, with large discrepancies between what was paid and where the market landed in 2007. i just think murray hill is one of the nicest of those areas. chelsea also historically had some very low prices particularly compared to peak, as did parts of gramercy, the UWS, and the UES. tudor city, which i parse out, possibly incorrectly, from MH used to be extremely cheap, and is lovely if you like the location.

going to open houses is great fun!! and good exercise. not to mention free, but for some snacks and maybe a brunch along the way.

SO ive seen 3 apts in murray hill(and i liked all 3)...all on park avenue in the last 3 weeks...just found out that 1 just sold(i lowballed and lost on this one), the other is close to selling (I didnt bid on this) and the other is where i am the lead bidder......go figure...i cant believe things are moving so quickly.....my broker was literally crazed when he showed up because he has been running around all day like crazy........something to think about....there has been a lot of 'pentup' demand and people seem tobe pouncing for fear that 'this is the time'....whether thats true or not is anyones guess......

Murray Hill has always been that way. I think Chelea has jumped the shark to some extent in that it used to be "affordable" or whatever term you want to use, but it's priced out of that now. In fact, over the past 5 years there's been a lot of discussion between the agents at my firm and their clients about thinking about moving from Chelsea to MH when they couldn't find that 1 BR apartment at a price they could afford.

Tudor City is a different case in that it used to be cheap because most of the buildings were in some form of financial distress, which deperessed prices to an extreme extent. Also, most of the units in Tudor Ciry are closets with windows to some extent.

murray hill has always been an easy sell? my broker told me the opposite....ie people that can afford the murray hill park avenue apts(ie big down payments) prefer to move to UES...so she says Park Avenue Murray HIll is actually a TOUGH sell....

you should have seen how inexpensive condos at the pre-war Griffon used to be. i think it's 77 park, maybe? really much cheaper than other like-sized condos. maybe the building had issues, i never got that far.

UES buildings that are decent also require big down payments, and, in the old days UES was much more expensive than Murray Hill (and mostly still is, for comparable type buildings). The difference also is that UES attracts more people with kids, though these days there are a lot of kids in Murray Hill as well. The schools are probably the issue, which I wouldn't think is a big consideration for you. And again, try to find a decent sized one bedroom, doorman building on the UES for $525.

The Griffin is considered fairly premier for Murray Hill, is it is a pre-war condo, which is rare.Deefinitely up there with 80 Park, which is a fairly pricey post-war condo (and is not really a great building nor does it have great apartments).

And thats where my post traumatic stress with real estate begain.....at 77 park avenue the griffon......in 1996 i made a bid on a wreck of a prewar 1 bed coop for 175k(cc and taxes was 650....4th floor facing park......my bid was accepted....i was about to go to contract and backed out.....that apt was on the market for 6 months...they couldnt give it away...well...now the apt is worth close to 1 million dollars...I SCREWED UP ROYALLY.....bonfires of the vanity was filmed supposedly in its entrance...prewar condo on park is rare and i missed the boat on that one..

You have to get past that - you can't go back. We could all have said stuff like that at that time. (Also, it's right across from an office building, and right where the Park Avenue tunnel goes into Grand Central, so it's really not the nicest location) Does that make you feel any better? And then again, not everyone likes pre-war. When I sold my post-war apartment back in 97 the buyers, who were living in a pre-war, were just so excited to have central air, and really nice views, because a lot of prewars are sort of dark.

So, just forget missed opportunities, and concentrate on current possibilities.

yes....i like its location...i live on the block in a rent stabilized apt......ive let it go...but it does impact why i want to get a good deal.....

You are going to wind up freezing yourself into immobility. Despite what aboutready is always saying, you've just said that of the 3 apartments you've seen that you considered, two are basically gone. Do you think that you are in some sort of bidding war at 35 park, or is the broker brokering you?

or, are you a broker? of course.

im not a broker......

yes columbia county, you are still a peanut

omg, two apartments are gone, and there will never be any more!!! ph41, if he wants to buy, fine. but to feed into the broker mania that it's now or never is frankly insane.

mhillqt, take your broker's comments about Park Avenue MH with a grain of salt, a large grain. she/he senses a sale, and will obviously try to optimize the likelihood of achieving one.

i too turned down an opportunity at the Griffon, i think for a high-floor 2 or maybe even 3 bedroom that needed work. you've been looking for awhile, you have to realize how out of line with reality prices still are.

New York real estate is always out of line with reality, compared with anywhere else in the country, except California. Each individual has to determine where the bottom is. However, it always seems as if the bottom is known only after it has passed.

as for aboutready, I do hope, that eventually you find your 2,000 sq. ft apt. for under $700M, while you're waiting in your rent stabilized apartment in Peter Cooper Village, which is, of course, one of the premier buildings in one of the premier neighborhoods in Manhattan (LOL, a lot)

my friend is looking for a 1 bedroom apt in chelsea....in high rise or low rise buildings......this is to rent....we saw so many apts...all small and 3500 per month....PLUS usually only 1 unit is available...where is the recession????????????????

Chelsea is overpriced. Look on UES, midtown, MH. AS some fancy designer living in Curry Hill once said, "it's not WHERE you live, it's HOW you live" explaining why he was living in a great apartment in a pre=war Bing & Bing building in that neighborhood.

"murray hill has always been an easy sell? my broker told me the opposite."

No, I meant the opposite: it's always been that way in terms of being "undervalued" (not really the right term).

"at 77 park avenue the griffon"

Whenever I hear people talking about how Condos can't be restrictive, this is the building I think of to prove the opposite.

i regret not buying this apt for 490k......it was the actually the apt that i wanted...view of park, great layout, renovated, etc......i started looking again and all the prime murray hill 1 beds are in the 600ks and they face brick walls.........i think i let the fear of posters on here and my own internal fears get the best of me......i hope i dont regret this for years and find something i really like soon....i dont believe this apt would go down in pricing going forward...ie i believe this is as good as it gets......

ie....i moved in on this apt after seeing mhillqt passed on it......and i think he regrets it as well....oh well.....2 suckers..

eastsie - confused - are you buying it?

eastside- just checked the listing and saw it is "in contract". MHillqt - any regrets?

Eastside - after two glasses of wine, finally figured out that you didn't buy it - and are now regretting it - 'fear of posters and my own internal fears" got "the best of me" . The bears won!! and you lost

MAJOR regrets......it was the apt that i wanted.....all the others on park in mhill are facing brick walls, not renovated and asking 600k plus.......eastside didnt buy either....someone else quickly scooped it up...prob from readin how i negotiated down to 500k......oh well......i think next time i wont read the streeteasy posts.......hopefullyi can find something i like that is comparable....i dont think prices will be coming down...at least not those that have already been reduced by 20%

You're such a moron for posting about an accepted offer in the first place. You deserve to have lost that place you idiot. And what kind of loser WANTS to live in Murray Hill? I bet your mom has MAJOR regrets she didn't abort you.

omg......you are the REASON that i dont TRUST people posting on STREETEASY......i posted about it when i knew i wasnt going to ACCEPT the apt deal...its obvious i wasnt going to buy otherwise i wouldnt have come here...and i realize that after reading your post.....too many people on streeteasy are like you......so im dont with this place completely.....

"So im bidding on an apt..."

Doesn't sound like you KNEW you weren't going to ACCEPT to me. You were "bidding on" an apartment. If I was some LOSER like you looking for a one bed in that AWFUL neighborhood, I would have easily figured OUT what apt YOU were talking about and GRABBED it.

And what's with all the random CAPS dude?

Fine, be DONT with this place, whatever the hell that means.

BYE.

"If"?

avenueb - you are a total as**ole.And what hole do you live in?

Oh right - a rathole in alphabet city.

aboutready, columbiacounty, any second thoughts here? Prices would still go down? Right, someone figured out you all have pipe dreams and dove right in.

and MHillqt - don't give up

Give up.

ph41, i'm starting to see the smaller units trade for under $600 psf. so, no, i don't think mhillqt lost the opportunity of a lifetime. it's tough when your requirements are so specific, never fall in love with an apartment until all the documents have been signed and you have the keys in your hot little hands. nice snide comments you made to me, btw. glad you're laughing.

i do like alphabet city, however, although avenueb is not a stellar member of the community.

aboutready, but you haven't actually SEEN the apartments, whereas the two people who backed out have been out actually LOOKING at the physical units, and reported what they were finding in the real, not internet world. So, the psf numbers are probably not really telling the whole story - surfing the web, as you and I both do, can give a false sense of "reality". And sometimes your comps are in such totally different neighborhoods and buildings (Yorkville, way east, etc) that they're not really comps.

And I will repeat that avenueb is a total a''hole, and a very nasty one at that.

ph41, i go to open houses for fun. i've seen literally hundreds and hundreds of units over the last 15 years, and i've looked in tribeca, the west and east village, chelsea, gramercy, midtown east, midtown west, the UES, the UWS, and central harlem (and Park Slope and years ago Williamsburg). i've looked at apartments (3, i believe) at 77 Park Avenue. what someone is willing to pay for any given unit only has a certain amount of meaning, and ppsf is not a perfect measurement tool but it's a fairly useful one. size of apartment, condition, light, floor, pricing really isn't that mystical. there's not a ton of similar comps in the MH area, but i'm happy to go find them.

the only reason i'm posting yorkville properties is because that's where a couple of our younger SE buyers are looking for studios. nobody pays much attention to the lowest level of the market, which is rumored to be doing quite well, so i'm following it. i also post frequently on the downtown market, which has held up price-wise relatively well thus far. but just because it's held up does that mean it will continue to do so, or that i would recommend buying now? no.

Mhillqt: Just to show you that apt prices can go down to $400's --here is an example in a lovely building on Park Ave in MH:

SALES LISTINGS FOR THIS BUILDING
SAVE Active Listings (2)
↓ $515,000
16 Park Avenue #9C 1 bed 750 ft²
Open House: Sun, Sep 13 (12:00 - 1:30)
↓ $479,000
16 Park Avenue #7C 1 bed 750 ft²
Open House: Sun, Sep 13 (

14C sold for 575,000 in 2007. 15C sold for 417,500 in 2004. Let's see if 7C doesn't sell for 2004 prices. In which case, some of the posters --like about ready-- would have been correct on this thread. time will tell.

apt23, if only my ouija board could tell me. i would never opine as to any given unit's closing price. i'm still seeing some crazy high selling prices.

but my point was one of risk assumption. mhillqt did not want the risk of losing money going forward, even temporarily. so purchasing wouldn't have been a good idea for him.

aboutready, though I don't know mhillqt, my impreswsion was that she (he) really just wanted to move up from a rented studio to a onebedroom , and was just obsessed with not "overpaying". Again, my impression was that this person, once into the new apartment, would have stayed there for many years - would not have "lost money" because would not have been inclined to sell. Yes, this is said barring unforseen circumstances, such as loss of a job. And again, this person has already regretted not buying that apartment.

And 16 Park has maintnence $200++ more than the unit at 35 Park

ph41...you are right...i would have stayed.....and yes..16 park mtce is 200+ more and i didnt like those apts......i rather face park like 35 park......trying to find that again will be like finding a needle in a haystack.......although, week after i didnt buy, we took close to a 15$ hit on our salaries at work due to economy......so things are unsettled but i still should have purchased...it was what i liked ....

mhillqt has also recently posted about job security issues, recent (post this thread) reduction in salary, i believe.

maybe you're not reading?

mhillqt:
yes...in essense i would be repricing the building if this offer was accepted.....i do love the apt and location but after waiting 15 yrs for the pricing to come down...i would be majorly BUMMED if this apt went down to 400k in 1 or 2 years.....but also BUMMED if apts started to go up in 1 or 2 yrs and i missed the boat again...tough call...

and my response:
does the total cost compare favorably to renting? doesn't have to be the same, or less expensive, to me unlike some others, just within reason. rents are falling, it's true, but if it's well within your means, you're tired to death of waiting and looking, and you really like the apartment and feel that you'd be happy in it for at least 7 or so years, go for it. and then ignore prices entirely or you might drive yourself crazy.

yes...aboutready...i agree with you.....i let the BEARS instill too much FEAR in me......

The bears eat the bulls, the bears eat the bulls, Hi ho the derry-o the bears eat the bulls.

mhillqt, there will almost certainly be others to your liking. keep saving and looking and the next time you find something you really want you may have hit your comfort level as well.

i hope so aboutready....i hope it doesnt take too long LOL im not getting any younger....