$200k studio

it's back. expect the $200 studio / $350 1BR to stay for a while

yeah baby..785 maintenace for nothing. whats the amenities? washer dryer in the cellar ?

Amenities are free stair master....all 5 flights of it.

"Previously Listed by Bellmarc at $285,000."

thats quite a haircut....

> 785 maintenace for nothing

Its called taxes and mortgage. And taxes are only going up.

but this is at the low end of the spectrum. I haven't seen under $650-700 in a while, even for crap.

offered at 200k...can definitely be gotten for lower

it's tedious and annoying not to give the dimensions of the box....

seems to be a decent rent to own ratio right?

rent vs own...that would be a good topic for a se debate...

lol!!

There are quite a number of studios below $200K

http://streeteasy.com/nyc/sale/266408-coop-103-east-84th-street-upper-east-side-new-york
http://streeteasy.com/nyc/sale/411958-coop-345-east-61st-street-lenox-hill-new-york
http://streeteasy.com/nyc/sale/385298-coop-142-hicks-street-brooklyn-heights-brooklyn

It has gone back to 2005 level. How far to go?

bump

If you could put 1% down, your monthly payments would be $2030k. Could definitely get a studio for that, more like $1500 (friends got one bedrooms nearby for $1700).

Mortgage deduction could help, but how much are you really making if you live here?

So, lets say $1700-1800? Even $1600?

Looks like renting still has the slight edge here.

20% down means gross mortgage + maint is about $1700
After tax is about $1450 which is EXACTLY what this unit is currently renting for.

then you have to factor in the cost of that 20% down. I said nothing down just to simplify the calculation.

But if you break even ignores having to put $40k in cash down, that doesn't do much for your analysis.

You're simply leaving out a major cost.

ahhh... just one of the reasons so many mistakes are make in confusing owner-occupied RE with "investment".

somewhereelse...where have your friends found one bedrooms for $1700...i'm looking for a place for 2/1.

somewhere -- ok, so add in the $400/year interest you'll earn now on that $40,000! LOL.

I'm firmly in the "bearish owner" camp, but you cant argue with basic rent vs own numbers and in terms of "cash cost of shelter", this place is a wash all-in at about $190,000.

Of course the real issue is how much of that $40,000 in wealth may disappear over the next few years once it's morphed into a real estate asset in a market likely to continue its slide???

> somewhere -- ok, so add in the $400/year interest you'll earn now on that $40,000! LOL

You'll loan me $40k at $400 a year interest? Wow, you're even worse than this than I thought.

lol.

If your really think the cost of putting down $40k on a 5 to 1 leveraged investement is just $400 a year... I have a bridge to sell you.

Again, its huge (yet standard) mistakes like this that have enabled to many to make such lousy decisions in RE.

> but you cant argue with basic rent vs own numbers

Agreed... as long as you don't forget to include FORTY THOUSAND DOLLARS in the calculation!

Julia - Try J Lemle (on 84th St) They own a bunch of walk-ups on the UES. They are reasonable and great landlords. I just renewed with them and they reduced my rent without asking and gave me a 6 month lease at my request (Due to a possible move for work in the summer.) No arguements.

"somewhereelse...where have your friends found one bedrooms for $1700...i'm looking for a place for 2/1."

Julia -

All over the UES. And not just the far york parts. one block off the express between 2nd and 3rd, for instance. Clean, decent walkups. There are multiple landlords that have 50-200 apartments or so. Just go down any of those blocks and look for the signs.

btw, one friend found an almost two bedroom - a one with a "bedroom" with no window... for $2k even. And that was months ago, before further declines. low 90s.

i live in yorkville and see for rent signs all over the place..not just apartmenst either..on 86 from madison to york theres at least 5 large retail spces that have been empty for the last 6 months

Re: You'll loan me $40k at $400 a year interest? Wow, you're even worse than this than I thought.

There's nothing more annoying than someone pretending through jargony douchebaggery to be more sophisticated than everyone else. Like, "I'm so savvy that I can throw out these smart sounding pronouncements to make you fools all look stupid"

How about we stick with plain English. The reality is that if you want a 100% safe short-term return on $40,000, you can use a savings account, money market or cd. ALL of which are paying squat right now. Where squat = 1%. You can also buy 10 year treasuries and maybe get 3.5%. So yes, king of all smug jargon, right now Chase and Citi will pay you $400 a year for your $40,000 if you want to keep it liquid and FDIC insured. And they wont throw in any bridges. So THAT is what you give GIVE UP by using it as a downpayment.

You also TAKE ON the risk that you will lose some of your $40,000 if the value of your micro-studio asset declines. Yes, you could lose ALL of it if the market declines by 20%, but that is NOT what this discussion was about. If you wanted to say that, then just say it. Spare us the smug pseudo smart guy jargon.

And at the end of the day, the cash rent vs buy on this UES studio is still a wash now at less than $200,000.

And PS, do your homework genius, there are still TONS of great studios over 400sf in full service doorman elevator buildings all over the place with maint under $600.

"There's nothing more annoying than someone pretending through jargony douchebaggery to be more sophisticated than everyone else. Like, "I'm so savvy that I can throw out these smart sounding pronouncements to make you fools all look stupid" "

I think there is one thing more annoying... someone claiming that only they know "plain english" and they use simple words, and still get it horribly wrong.

Simply 'aint bad. Simple and nonsensical... that is.

w34, you can try and rationalize it all you want, but you're just demonstrating why so many people make mistakes in RE.

"Yes, you could lose ALL of it if the market declines by 20%, but that is NOT what this discussion was about."

Only because you're pretending putting money on a down payment is risk free, and then comparing it to a risk-free investment.

Thats a rediculously bad financial mistake to make, and if what allows you to justify a home purchase, no wonder why folks have made so many mistakes.

Again, just one of the many reasons why so many mistakes have been made by house buyers who think the house they live in is an "investment".... mainly because they ignore most of the costs.

"And at the end of the day, the cash rent vs buy on this UES studio is still a wash now at less than $200,000. "

Again, only if you don't know... well... uh...

math.

"The reality is that if you want a 100% safe short-term return on $40,000, you can use a savings account, money market or cd."

If you want 100% safe short term returns, why the hell are you buying real estate?