Alright, I admit it...I am a complete idiot. I had the opportunity to buy in a new development on the UWS last year, but did not do it. At the time the devloper was even offering to pick-up closing costs. Now a comparable unit, if available, would cost more PLUS closing costs would not be pecked-up. I hesitited because when it came down to it I thought that maybe prices had gotten too high and... [more]
Alright, I admit it...I am a complete idiot. I had the opportunity to buy in a new development on the UWS last year, but did not do it. At the time the devloper was even offering to pick-up closing costs. Now a comparable unit, if available, would cost more PLUS closing costs would not be pecked-up. I hesitited because when it came down to it I thought that maybe prices had gotten too high and that I would loose my shirt if I bought.
Now I really don't know what to do. I refuse to pay high rent. I want to live in Manhattan, but I do not want to buy at the top of the market. The market cannot go up anymore can it? I mean I read atricles like this one http://money.cnn.com/2007/07/02/real_estate/record_sales_in_new_york/index.htm?postversion=2007070303 and I just get sick, because I did not buy last year!
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Response by anonymous
over 18 years ago
Posts: 1183
Member since: Feb 2007
Tell 'little black arrows' guy and 'bid low, bid low, bid low' guy to find you a nice place in Newark until the real estate crash happens in Manhattan (previously prognosticated for 2003, then 2004, then 2005, then 2006, then 2007, now some time in 2008 - FOR SURE in 2008 this time!).
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Response by anonymous
over 18 years ago
Posts: 400
Member since: Apr 2007
two words: sub-prime mortgages. wall street bonii will be palatable this year but next will hit the shitter.
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Response by anonymous
over 18 years ago
Posts: 1183
Member since: Feb 2007
Riiiiiiiiiiiight #3:
I'm so sure that there are just TONS of subprime loans being offered on super expensive units in Manhattan. And of those apartments, as about 30% are coops, I'm so sure that the coop boards are just looking the other way on the applicant's financials when they see these sorts of high risk mortgage vehicles.
Honestly. Are you retarded, or were you just dropped on your head as a child?
As to your other oracular prognosis "...wall street bonii will be palatable this year but next will hit the shitter....," isn't that what you were saying in 2003? 2004? 2005? 2006? Oh but now you've REALLY got the direct line - 2007 will be A-OK. But now it's 2008 to watch out for!
Two words: shut up.
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Response by anonymous
over 18 years ago
Posts: 269
Member since: May 2007
Stop complaining and just buy a condo or co-op....And I hope for your sake that it won't be 100 sqft under the nearest bridge. Standing on the side lines is what got you in this predicament in the first place....buy..buy..buy..simple.
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Response by anonymous
over 18 years ago
I have the same exact problem. Missed opportunities, and now I am strongly considering leaving NYC. It's too hard to live here, and this is the biggest reason why.
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Response by anonymous
over 18 years ago
Posts: 474
Member since: Feb 2007
Nice brokerese, OP. You must have worked at a push polling firm in the past. And I see that matsonjones, (#4), has learned to use the anonymous checkbox. Nice work, mate. Tell us again about your FSBO.
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Response by mcfm85a
over 18 years ago
Posts: 72
Member since: Dec 2006
which upper wesy side building?
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Response by anonymous
over 18 years ago
Posts: 132
Member since: Apr 2007
Since you have been priced out of the Upper West Side, go look along the southern edge of Harlem from West 110th to West 123rd and from 8th Avenue (Douglass) to Morningside Avenue. That neighborhood is 40% cheaper than the Upper West Side, and you are still very close to Central Park, Morningside Park, Columbia, and the prime Upper West Side. New built condo prices in that neighborhood are $650 to $800 psf versus $1,000-$1,500 for the Upper West Side. That part of Harlem is fairly safe and is gentrifying pretty quickly from the new condo projects: SoHa 118, Brownstone Lane, the Dwyer, Lofts 124, SoHo North, Horizon, Palomar, Fitzgerald, Rosa Parks. Good luck.
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Response by anonymous
over 18 years ago
Posts: 1905
Member since: Apr 2007
Buy something already. Find something you like at a price you're comfortable with. As long as you're going to stay put for a while, you'll just have to ride out the ups & downs of the market while you're enjoying your beautiful Manhattan pad.
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Response by anonymous
over 18 years ago
Posts: 65
Member since: Apr 2007
We had entered in a contract to buy an apartment in November. Disappointingly, the board rejected our purchase after putting us through a lot of work (additional documents, financials, etc.) We are looking again, but prices are up and inventory is low. Despite the NY Times article, I think coop prices are 10% higher than last Fall.
Tell 'little black arrows' guy and 'bid low, bid low, bid low' guy to find you a nice place in Newark until the real estate crash happens in Manhattan (previously prognosticated for 2003, then 2004, then 2005, then 2006, then 2007, now some time in 2008 - FOR SURE in 2008 this time!).
two words: sub-prime mortgages. wall street bonii will be palatable this year but next will hit the shitter.
Riiiiiiiiiiiight #3:
I'm so sure that there are just TONS of subprime loans being offered on super expensive units in Manhattan. And of those apartments, as about 30% are coops, I'm so sure that the coop boards are just looking the other way on the applicant's financials when they see these sorts of high risk mortgage vehicles.
Honestly. Are you retarded, or were you just dropped on your head as a child?
As to your other oracular prognosis "...wall street bonii will be palatable this year but next will hit the shitter....," isn't that what you were saying in 2003? 2004? 2005? 2006? Oh but now you've REALLY got the direct line - 2007 will be A-OK. But now it's 2008 to watch out for!
Two words: shut up.
Stop complaining and just buy a condo or co-op....And I hope for your sake that it won't be 100 sqft under the nearest bridge. Standing on the side lines is what got you in this predicament in the first place....buy..buy..buy..simple.
I have the same exact problem. Missed opportunities, and now I am strongly considering leaving NYC. It's too hard to live here, and this is the biggest reason why.
Nice brokerese, OP. You must have worked at a push polling firm in the past. And I see that matsonjones, (#4), has learned to use the anonymous checkbox. Nice work, mate. Tell us again about your FSBO.
which upper wesy side building?
Since you have been priced out of the Upper West Side, go look along the southern edge of Harlem from West 110th to West 123rd and from 8th Avenue (Douglass) to Morningside Avenue. That neighborhood is 40% cheaper than the Upper West Side, and you are still very close to Central Park, Morningside Park, Columbia, and the prime Upper West Side. New built condo prices in that neighborhood are $650 to $800 psf versus $1,000-$1,500 for the Upper West Side. That part of Harlem is fairly safe and is gentrifying pretty quickly from the new condo projects: SoHa 118, Brownstone Lane, the Dwyer, Lofts 124, SoHo North, Horizon, Palomar, Fitzgerald, Rosa Parks. Good luck.
Buy something already. Find something you like at a price you're comfortable with. As long as you're going to stay put for a while, you'll just have to ride out the ups & downs of the market while you're enjoying your beautiful Manhattan pad.
We had entered in a contract to buy an apartment in November. Disappointingly, the board rejected our purchase after putting us through a lot of work (additional documents, financials, etc.) We are looking again, but prices are up and inventory is low. Despite the NY Times article, I think coop prices are 10% higher than last Fall.