Is $1100 psq ft reasonable?

It's such a broad question. I would think even < 1k/sqft is reasonable for 200RSB, given that there is no or little tax abatement left. Schools - you know that you are no longer guaranteed a spot in the catchment area, so if you have young ones, it's not nec. good to lock in a purchase. And in 5 years, you'll might start seeing problems with the construction.

And why on earth would you buy a potato when you can rent 3 potatoes for the price of one? Rental inventory is high, you can rent the EXACT same product. Someone, shoot me.

@ nyc10023: If you can afford to buy, renting is downright stupid. Plus, I assume when the potato rental is over, I'd have to give it back. And I've never given back a french fry. They are too tasty.

@ Anna_C: To ask if a price per square foot is reasonable is meaningless unless you let us know which property you are talking about.

Mrussell:

1) With all due respect, Anna is talking about the condos on RSB Blvd. I know 'em all. Do you know what the rent v. buy math is for apartment in those buildings and those buildings only? It would be stoopid to buy. Real stoopid. As for potatoes, here it is - you can afford to rent 2 brs with a view in 200RSB v. buy 2br w/o a view (with a view, larger) for LESS. LESS. LESS. LESS. Even taking into account tax deductions & loss of use of downpaymnet. I don't know how you can't do this math when the apples v. apples are there.

2) Anna - I know the inventory well, I assume you're looking at the "L" line in 200RSB?

And because Anna is looking at those bldgs with 1 child and 1 child-to-be, I assume schools (be they private or public) are important. Public is not guaranteed, private may be a hellish & needlessly expensive schlep. Not to mention that cabs are hard to come by on RSB.

But buy, by all means, if you have the downpayment to flush down the toilet. It's fine. Go ahead and buy and prop. prices in the area. Thank you.

Holy cow nyc10023....fairly strong views today. Go get 'em! You been hanging out w/ W67? (all in good fun, of course)

Thank you all for your insight.
10023 - I was looking at the newer bldg with tax abatement. Also, I am planning to send my kid to private school.

It's hot, walterh. And I feel like I'm bashing my head on this issue.
But I don't know why I'm trying so hard since I own in the area, I should
be cheering on the acquisition.

Anna - please consider how you're getting your kid to school.
People put their kids on buses in K (but you may not be comfortable with this).
RSB has garages, so you could drive, but out of all the areas on the UWS,
this is the hardest place to get a cab so that deprives you of that option.
You still haven't explained why you prefer to buy given that you can rent
in the same building. But you don't have to.

You feel like bashing your head....try being a renter in an overpriced market who'd like to add some space. It sucks. Manhattan amazes me. Maybe I'm just a simpleton.

Waltherh: I hear you. People always ask why everyone wasn't jumping on the deals in the mid-late 90s. But most fail to realize that barring parental help, inheritance or a sig. stretch of DINKS w/o student loans (that last was us), getting a 20k downpayment can seem as out of reach as a 200k dp.

Out of my co-workers, most couldn't buy in the mid-late 90s and could kinda afford rent and a few meals out and clothes for work.

I rented there. Try it a while but move before you do something stupid. Pier is nice, tango tuesdays, narcissistic sunbathers etc.. but when that Nov wind begins to blow and the music stops playing and the corona freezes....

Anna only if you make $500 to show your tits is it worth $1000psf.

For anyone else... $1000 psf will be this magical ceiling that'll take years to see again... my guess when we have $20 happy meals.

Mr. Jack Russell.... did a hole in the park... it'll be more fulfilling than selling RE in the next 10 yrs... .every client you have will hate you for being a financial imbecile. NIce career choice.. I'd rather make my money showing my tits than selling RE in this market.

dig

"And why on earth would you buy a potato when you can rent 3 potatoes for the price of one? "

I really think you need a better analogy. ;) lol

@ MRussell: Is there any purchase price at which renting is not stupid? At what price vs rent is that? Not looking to flame, just looking to understand where that one-sided statement is coming from.