Best place for single guy in $200K range

I'm going to assume that you have $200k in cash because you didn't mention otherwise. If that is the case, you can (hopefully) get a mortgage and afford something in the $600k range within Manhattan. $200k by itself doesn't buy you much unless you really extend your train ride to the outer boroughs. And since it sounds like you need to be in NYC for work, that probably negates 2+ hours of transit each day.

Your best bet would be to rent in a place that is a touch below what you are used to. Save some money and make your first apartment purchase one that puts a smile on your face. That or stay with your parents as long as you can since I would assume that would allow you to be rent free.

(Matthew Russell - Brown Harris Stevens)

http://streeteasy.com/nyc/sale/491060-condo-668-riverside-drive-hamilton-heights-new-york

This place to be gut renovated is asking $220K, so it may come a bit cheaper. It's very close to a 1 train station, which is 30 minutes from midtown during the week. While the apartment is very small (just under 300 sf), it has several windows, okay closet space, and a perfect place for a murphy bed. The monthlies are insanely cheap. If I were in your shoes, looking for independence sooner rather than later, I would take a look at it. You don't get many renovated manhattan spaces at that price point unless you are the beneficiary of a lottery. And as a condo, you can always rent it. Cost of ownership is about $1050 at a 5% cap rate.

I would suggest Williamsburg, but prices are way higher. I have to say having followed the market that it will still fall but not to the $200K range.

PMG's listing is intriguing. 5% cap rate is decent, but I'm not sure about paying ~700/sq ft for Hamilton Heights. Probably makes sense for a teacher/artist wanting to spend the least $$ wise, but looking at it as an investment to rent out, I'm not sure the resale value will justify purchase. But what do I know, I'm not an expert on Hamilton Heights as a neighborhood.

inwood/washington heights
either that or maybe kensington area in brooklyn

http://streeteasy.com/nyc/sale/407799-coop-101-west-23rd-street-chelsea-new-york

The building's financial situation may be a sh*tshow, but you can't beat the asking price of $199K in Chelsea.

Rulez,

What about Harlem?

how about alabama?

You cannot buy anything for 200K... Stay with mom and dad and keep saving

http://streeteasy.com/nyc/sale/496789-50-fort-place-staten-island ... 5 minute walk from The Boat, room for roommate/lover/hater

wait i got it... jersey

You should try renting before picking a place for the long(er) haul. If you're not ready to stick, say more than 5 years, really little reason to buy.

Plus the little thing that you can't really afford it.

Who says he can't afford it?

I mentioned Sunnyside as a good possibility on the other version of this thread. It's close to midtown (around 15 mins to Grand Central on the 7), is safe and fairly attractive (some nice prewar coop buildings, etc.), and has some decent restaurants.

You can also get a decent 1BR near the subway for just over $200k. Here's one listed at $235K: http://streeteasy.com/nyc/sale/481702-coop-48-21-40th-street-sunnyside

I second the recommendation of Sunnyside for its attractions and proximity to midtown, but the guy did ask for a CONDO which limits options there considerably.

True. I do think some of the big coops there have liberal renting policies, if that's his main concern. (Or at least I know people there who have rented in coop buildings for years.)

nymrulez
I would suggest not buying. Anything you are likely to buy in this range is unlikely to appreciate. If you were looking at houses I would say only if you had experience with fixer uppers and could do the work yourself.

OP says "I have my own business". Depending on how steady and verifiable that business is, a coop may or may not be appropriate. People may laugh at a 300 sf condo studio in Hudson Heights but it is real property for anyone with the cash or financing. Heck, even landlords request 40 times the rent in verifiable income or a guarantor.

Riversider, if he buys in a gentrifying neighborhood, why couldn't the place be worth twice as much in the long run? I'm not a believer that you buy to "build equity" and "trade up" because the transaction costs are high and there are no guarantees of appreciation. However, when he's in his fifties, even if he bought fully financed today, he then has an investment completely paid off generating rent. What is wrong with that scenario?

"Anything you are likely to buy in this range is unlikely to appreciate." Why? If you pick the right (gentrifying) neighborhood a place in this range might be even more likely to appreciate a significant percentage than a more expensive place.

Plus, let's take the Sunnyside place as an example. With a 20% downpayment the monthlies would be $1600/month -- before the tax deduction. Where is OP going to live on his own for much cheaper than that? Even in Sunnyside I think decent 1BRs rent for $1200-1400 a month (or at least they were several years ago -- could be less now but I think the hipsterization of the neighborhood might have somewhat offset the rental slump) -- which in tax-adjusted terms is not too far off from what a person would be paying to own.

My experience is that best of breed out-performs. And buying something 3rd rate(apologies but that's what I categorize any Manhattan property in that price range) will not be very desirable upon resale and under-perform the market.

Riversider: OP didn't specify Manhattan -- or even NYC. $200k obviously doesn't go far in Manhattan. But you don't have to go too far away to find yourself with some options. If it was a $200k 1BR where the average was $400k, maybe I'd see your point. But there are neighborhoods where $200k is a pretty normal price.

Miette you can buy an ok condo/coop in Queens. But I can't see it appreciating enough to make it worth while. The risk of a market decline is still substantial enough that you really do want to own best of breed, which over the next two years is on an optimistic basis likely to only go up in the high single digits before expenses.

Riversider, I'll have you know that a newly renovated Riverside Dr 2 rm studio condo currently goes for well over $400k only 50 blocks south. Hudson Heights where this one is located is close to CUNY, not far from the future Manahattanville Columbia University Campus and the 125th St Corridor of Central Harlem. As those nearby regions develop, this tiny property will likely become more valuable. Besides, Riversider, you act as if the OP has a choice between a $200k investment or a Tribecca loft. If he has a small budget, the key is for him to get value for his money and choose an improving neighborhood.

ok pmg, let's say he buys that studio. what's your worst case base and best case appreciation estimate for this over the next two years before transaction costs. And remember life style change(marriage, girl friend) can make a studio non -usable very quickly.

Riversider: Where did you get that OP wanted to flip the place? If 2 years is the timeframe I don't think I'd buy anywhere in the NY metro area right now. But that's not what he says his intention is. And as PMG points out, OP's budget is what it is. He certainly isn't going to get a "best of breed" in Manhattan for $200k. And if his budget is $200k because he can only afford monthly payments of about $1500, he's not going to be able to rent "best of breed" in Manhattan (or prime Brooklyn) either. But kudos to him for wanting to get out of his parents' basement one way or another.

Miette, Personally, I think renting a studio makes more sense.

riverside in bx, parts of queens.....but the op can't really be serious with that pricepoint

agreed.

riverdale rather

you can always tell the clueless out-of-towners by their usage of the word "condo" to mean any dwelling that isn't a free standing suburban home

Jim -- his parents live on the UES so I'd wager the "clueless out-of-towner" moniker doesn't apply.

And why can't he be serious? There are over 1800 homes for sale in NYC for under $250k at the moment.

Ok, what if he finds something that he's really interested in, and he does a rent with option to buy. He will have to look but it's just an idea.

I'm sure someone would pay near $200K for a healthy male in NYC

rs: more pathetic than usual.

The Bronx offers a lot of possibilities to someone with a pioneering spirit. Even if he doesn't want to be a pioneer and works close to Grand Central, South Riverdale has (even some 1 bedrooms) for $200K some with awesome river views. But if you don't mind a little "edge and sketch" areas such as the Grand Concourse and Kingsbridge are starting to percolate and have really great subway connections, urban authenticity and of course proximity to Yankee Stadium. Not a great place to take a date back to but you would certainly have more money to spend on dating if you live in the Bx.

Vegas

"I'm a mid-twenties single guy looking to buy a condo in the $200K range within the next year. I have my own business with clients mainly in Manhattan. Can anyone recommend a neighborhood that has a good balance of fun, safety and proximity to the city?"

Yes.

Here it is: http://www.realtor.com/realestateandhomes-detail/Oakland_PA_15213_1116684970

It's in the upscale North Oakland section of Pittsburgh, just a 45 minute flight to New York.

Matt, I don't think he'd want to move to the Midwest.

haha well done raddoc

Hey snarkfest, there are some great places in that price range. Give the guy a break! I have a young buyer who is looking for exactly the same thing, and we're finding a lot of Brooklyn inventory, though most of it is co-ops, not condos. That said, we saw a fantastic huge one-bedroom condo in the 200's in a hip/growing Prospect Heights/Crown Heights border location. Bears no resemblance to the Upper East Side though.
Do check out Ditmas Park along Cortelyou Rd. Easy access to the city via the Q, and enough restaurants and bars to keep you busy. I wouldn't stray too far into Kensington unless you have a car, though. That F train will break your heart every day.
Tina
(Brooklyn broker)

I said "Long Beach" on the other thread, and I still say Long Beach. Diverse and fun and only an hour away from the city. Only one LIRR train an hour non-rush, but if you can commute during rush it's great. Plus, you have some price support for beach apartments because when you no longer want it as a primary home, somebody else wants it as a vacation place.

ali r. (former Long Beach resident)
DG Neary Realty

ali again we agree Long beach is great! I own a condo there as a second home only 50 minutes by train and many young people (surfer dudes & gals) no problem renting it especially in summer

klara madlin

he could have bought this:

http://streeteasy.com/nyc/sale/499381-coop-53-stanton-st-lower-east-side-new-york

Unlikely.

"This is an HDFC unit and there are income restrictions."

Matt, he's got his own business but is looking for a $200K place. How much income do you think he has?

In any case, to be useful per Miette pointing out the relevance of this thread on another, here's a "2 bedroom" option in Noho, nymrulez:

http://streeteasy.com/nyc/sale/502029-coop-308-mott-street-noho-new-york