Final QUestions Before We sign Contract

If you will trade up in a few years after first child etc, it'll work bc I expect 3 bdrms to fall faster so on an absolute basis net net you will be okay, but 2005 was full blown bubble prices, just look at what it traded at in 2000/1999 and do your rent vs own calc.

You really doing this to yourself? What do you expect these guys to say?

In the end, no one REALLY knows anything.

Are you paying a good price in an absolute sense? Without knowing the specifics, almost certainly not given the state of rent vs buy generally in the city. That being said, you may not care about paying significantly more for the same-ish thing. Are you getting a good price in a relative sense as in relative to the rest of the market? Not really; I think the "good deals" right now are happening at 2003 prices and lower. Let's put it this way: pretty much no deals are happening at 2006 prices, so where does that leave you? Something like below average or average at best. That being said, getting a "good deal" may not be that important to you.

Of course, this 2005 price may have been cheap for back then, or if a new development, it might be a contract price from 2004, so just use this as another datapoint. No one knows what the future holds, but just be aware that another 30% drop is a realistic possibility from here, so plan accordingly.

Thanks. Let's put it this way. Is this a good price RELATIVE to other Junior-Fours on the upper east side? I only thought that 675K is not too small for around 900 sqft but like I said I am a first time buyer and am acting really cautiously, if not too cautiously.

Also, for a junior-4 / 2 bedroom with one bath, in the east 60's around 2nd ave, what do you expect to be a "good" price for it? and what is the expected maintenance?

thanks.

for what its worth, the market seems to be trading around 2005 levels or so.

I can only give you my own comp. We bought a 1,500 sq ft. 2 bed + maids room/2 bath in 2001 for 799K on the UWS near Fairway. It needed a lot of work (about 100K worth) but it was a great space/building/locatation. I'm not sure you're getting a good deal for under 1000sqft. I think you could do better.

SE shows 47 2/1 co-ops for sale or in contract in 10021.

Maintenance ranges from $834 to $3435 with a median of $1333.

Asking prices range from $359K (the $3435 one) to $1.5M (Fifth Ave) with a median of $659K.

NWT - so looks like I am right at where the median is... for 900 sqft junior four. this is going to be a tough decision. we have an accepted offer and i seriously don't know what to do.

Are you in love with it? Are you in a hurry? Those would be my two biggest questions.

I think it's rather a waste of a buyers market to be paying above median asking prices right now... for anything. Just my opinion.

^^just realized my last post doesn't make sense. I'm thinking of price/sq ft median prices. I'm a little too focused on those today.

You should also consider how long you realistically will own it. If you will need to move in a few years, probably doesn't make much sense after taking into account transaction costs (and the chance the market continues down). If you will stay in it for more than 5 years, it may make sense. Price sounds ok, but need more info to really make that comment. Good luck.

Condo = it might be a decent deal, but one would need to know more about exposure etc.
Co-op = probably not

East 60s around 2nd avenue = if located amongst the queensboro jam, and on a low floor, it's probably not a good deal.

All I can say is that your sq ft guestimate does not make sense. For starters, my old two bedroom had a 2nd bedroom that in fact is 10 X 12 and that is fine for a 2nd bedroom. Having said that, if your living room and master bedroom are "HUGE by all means" then you clearly have a great deal more than 1,000 sq ft. As for pricing, nothing scientific here but I sold my place in April and received more than I paid for it in 2006. No hard and fast rules.

NYCDowntown, are you asking these questions without having done your own research? Are you buying after two never-ending months of looking at the market? And you call yourself "cautious or maybe too cautious"? Only in comparison with former AIG executives, I guess.