Best investment locations.

keith, I have just the place for you... im not a broker

gcondo--where?

Where?

Thanks

KeithL,

If you're serious about making an investment in real estate here, it really behooves you to check out individual buildings even more than particular neighborhoods. Are you expecting to rent this out to a 3rd party from the get-go? You may find it tough to cover your full costs on a monthly basis at current levels, but it's not impossible. If this is strictly a financial play (that is, you don't expect to use this as a pied-a-terre or anything similar), there are two schools of thought - if you want high upside, avoid trendy areas (such as the West Village, Tribeca, Soho) and focus on neighborhoods where you see a strong foundation for real appreciation in the next 10-20 years. I think there are parts of Harlem and Washington Heights that fit that description, but you have to very picky about your spots (and I'm sure plenty of people would disagree and argue over where those are). In Brooklyn, Prospect Heights seems to be in a similar boat. The other philosophy is to go for the more established area (ie: less risk, less upside) - most people would point you towards the UWS, UES in that scenario, with the West Village and such right there too. You'll be paying more upfront of course, but that's the cost of mitigated risk. Good luck! PS - I'm shocked no one's teased you about being a carpenter yet, by the way.

Carpenter? He's a carpenter? Carpenters will save Manhattan?!?

Keith: If you read this site on a regular basis, I think you will also find that most posters think that prices will go down over the next year, so you might want wait and keep reading here to figure out what posts make sense to you and what posts might be purely reflective of a broker's agenda. It is all quite fascinating.

Thanks for that bjw103.
Yes would be expecting to rent out to a 3rd party all right,possibly a multi family requiring renovation.Just lost my job in Ireland few months ago,zero prospects of getting a new one anytime soon(in the same type of job anyway)Q.S.
Made a few quid buying and selling property in Ireland over last 8 years.
So i'm basically looking for something to occupy my time/add value through refurbishing but not neccessarily perhaps something new,this would be a very long term investment also and if i could try to break even from the get go.

Whats the carpenter joke anyway-is there loads of Irish chippies in New York?

If anyone is investing themselves or buying/renovating/then renting if they could let me know what they're buying or thinking about and what rents are being achieved that'd be great also.

Cheers

And apt23 just saw your message.

Yeah just doing research at the moment,I've been reading a bit about prices etc in manhattan,i'd like to be ready to pounce when things bottom out-i wont rush in anyway.There's a very similar website in Ireland with your bulls and bears also and vip's (vested interest parties) are all in there too.

Ireland is screwed for years to come thats for sure.
Manhattan is an amazing city and definitely the next place I want to purchase (possibly brooklyn or somewhere close) having been there for 2 weeks last year.

I'm thinking that you'd be better off staying in Ireland which is a market & a culture which you know. If 'Ireland is screwed for years to come', I would say that the same is true for the U.S. Remember, the grass is always greener ..... plus, you'd be an alien in the U.S. with no job & no local credit - if not an impossible situation, certainly a very difficult one.

As for the carpenter thing, I didn't understand it either, but thought I'd run with it.

KeithL, sorry to hear about the job, but I assume you're getting steady, reliable income from somewhere? Otherwise, it may prove quite difficult to get financing here now. The carpenter "joke" was in reference to all the supposedly wealthy Irish carpenters who were coming here to buy up property. I never really got it either, as I've yet to meet an Irishman plying Jesus' trade around here.

KeithL, the best investment locations simply aren't in Manhattan or Brooklyn. Try places further into their decline, like S. California or Vegas or Miami.

We're still falling here, with no signs of improvement.

> Yes would be expecting to rent out to a 3rd party all right,possibly a multi family requiring renovation

Making NYC even worse a choice... VERY lousy cap rates here.

The "Irish carpenter" thing was inspired by all the mass media coverage of the real estate market in NY when the economy started to fail. The media loved to quote brokers talk about how New Yorkers might not be buying anymore, but lots of foreigners, especially from the UK and Ireland, were flying in for the weekend to buy real estate (the dollar was falling fast at the time). Many of those were working-class people with access to easy credit and get-rich quick dreams, rather than wealthy pied-a-terrors ... "Irish carpenters" is the boiled-down essence of it all, leading Steve to remind everyone that Irish carpenters will save the NY real estate market. Or Martians will. But have no fear, it only goes up.

Keith, nyc10022 is right, but of the places he lists, some can build out forever (anything in Nevada or Arizona), so they're worse bets ... others (South Florida and the more central parts of LA) are a little more tightly defined, so "they're not making any more land" has at least a modicum of relevance in those places.

> can build out forever (anything in Nevada or Arizona), so they're worse bets

Only if its not already factored into pricing.

The cap rates in Vegas (I didn't mention Arizona or any other part of Arizona) are particularly good.

Yes getting v good income at the moment from rental property's I own tracker rates of ecb +.75%-the recession is good for something and small bit of freelance work.Would need very little finance only if I buy above $1,000,000 approx.Drdrd dont think I would be an alien as i can travel to u.s for 90 days for business at a time under the visa waiver program.

Would love to live there for a while at some stage also-that would be further down the road.
Any specific properties folks,or anyone buying thenselves??
Cheers

I think the best investment is central Harlem.

Remember reading few stories about carpenters buying alright.

A point will come when fair value is reached price/rental ratios will become normal again price/income ratios will become normal also.Normal ecomonic growth will return.

At this point I would like to invest

I dont plan on buying tomorrow but want to do research for the moment.

KeithL, another thing to add if you didn't know already - you're probably looking almost exclusively at condos or townhouses given the fairly stringent renting guidelines in co-ops. That's not necessarily a bad thing, but it does limit what you can buy. I'm not sure why people are suggesting Vegas or CA on a New York message board, but I presume you want to buy in this city somewhere. Next time you're here, take the time to explore as many areas as you can so you can feel more comfortable taking that plunge.

"I'm not sure why people are suggesting Vegas or CA on a New York message board"

Same reason folks who say "I'm looking for a clown to take out my appendix" generally get doctor, not clown, recommendations.

Btw, for someone such a stickler about responding to the OP, notice the guy said MULTIFAMILY, yet you're talking condos and co-ops.

Thats exactly it definitely new york bjw2103.

Going to get out there early next year and go and view properties and read up in the meantime.It's such a brilliant city and would love to live there at some stage.

Read on urbandigs about a lady who bought in bedford stuyvesant in Brooklyn a 3 story duplex/1 bed on top-that needed renovation - would be the type of thing that would interest me at the right price and that i'd be confident of achieving sufficient rental to cover costs.

"Same reason folks who say "I'm looking for a clown to take out my appendix" generally get doctor, not clown, recommendations."

One is a subset of the other.

"Same reason folks who say "I'm looking for a clown to take out my appendix" generally get doctor, not clown, recommendations."

I'm pretty sure people have made good money renting New York City property; I'm also pretty sure no clown has ever been hired to remove someone's appendix. Junk analogy.

"Btw, for someone such a stickler about responding to the OP, notice the guy said MULTIFAMILY, yet you're talking condos and co-ops."

Read more carefully - I specifically mentioned townhouses. The OP also said "possible a multifamily." Are you done?

actually i have heard that the irish have been doing great buying in NYC, maybe it's the luck of the irish lol, they must be doing something right. one suggestion - BUSHWICK. only on the good streets, and only near the train. that is where i would buy if i had extra dough laying around. although i guess that would be pretty tough to manage if you are fresh off the boat. even the village is probably hard to get acclamated to - forget about fringe. anyway good luck!

Whatever would be the better investment,condos or townhouses/multi's-preferably something which needs renovation to add value straight away and i've a good bit of experience managing refurb's and a good eye for design etc ---I think :-)

upper east side, 70s -

just some more info - 2 units adjacent, condos, UES - email me: miscusenyapple@yahoo.com

> I'm pretty sure people have made good money renting New York City property;

Yes, not having bought it in the last couple of years. You seem to be missing that point.

> I'm also pretty sure no clown has ever been hired to remove someone's appendix. Junk analogy.

But plenty of fools bought RE. Great analogy.

> Are you done?

Putz, you started the complaining about others' posts.

You should be asking yourself the question.

"actually i have heard that the irish have been doing great buying in NYC, maybe it's the luck of the irish lol, they must be doing something right."

How so? They were the ones buying at the peak, if the media coverage is correct. That would be bad luck. Or really, just no common sense.

"would be the type of thing that would interest me at the right price and that i'd be confident of achieving sufficient rental to cover costs."

well, there you said it.. "right price". We haven't been near the "right price" for such deals in a while. Maybe in a year or two...

"Yes, not having bought it in the last couple of years. You seem to be missing that point."

That has nothing to do with the point of your analogy, which is still ridiculous.

"Putz, you started the complaining about others' posts."

Jesus, you're sensitive. "I'm not sure why" = complaining? Perfectly acceptable thing to say on a message board for, ahem, New York City real estate. And KeithL obviously realized this: "Thats exactly it definitely new york bjw2103." But maybe you just wanted to start yet another fight on a perfectly decent thread?

http://dilbert.com/strips/comic/2009-07-21

alanhart, hilarious.

> But maybe you just wanted to start yet another fight on a perfectly decent thread

Except it was you who did it!

ROTFL!

Hall monitor as usual.

> Jesus, you're sensitive

Talk about the pot... you've been flipping out about things not said about you for quite some time!

"Except it was you who did it!"

Only if you consider typing the words "I'm not sure why" to be starting a fight. That's exactly what I mean by sensitive. Get over it.

Zzz, come on, schedule a charity boxing match or something....

"Only if you consider typing the words "I'm not sure why" to be starting a fight. That's exactly what I mean by sensitive. Get over it."

ROTFL.

And you're STILL talking about it.

Talk about sensitive!

So is anyone investing and where please???????
Few figures if you dont mind.
All income -v- all outgoings.
Few q's.
I'm Irish by the way.
How are real estate taxes calculated.
Common charges seem real high in manhattan-how come.
If I purchase a property with cash what is the tax rate on profits.
Can I offset interest on money borrowed (if I borrow)against rental income as well as all other expenses and then pay tax on profits.Thats the way in Ireland.
I wont be living there by the way for the time being.
Thanks