(Short version) I'm single, late 30s, male. I work (and live) outside the city. Westchester. (35 mins out) Today, I just happened to see a link for a $250k midtown studio, and it got the mental gears turning. Purely for social/dating purposes, could I buy a cheap studio in NYC for a weekend crash pad? If I put 100% down, I just need to cover the $700/mo maint. Less than half the cost of renting... [more]
(Short version)
I'm single, late 30s, male. I work (and live) outside the city. Westchester. (35 mins out)
Today, I just happened to see a link for a $250k midtown studio, and it got the mental gears turning.
Purely for social/dating purposes, could I buy a cheap studio in NYC for a weekend crash pad?
If I put 100% down, I just need to cover the $700/mo maint. Less than half the cost of renting one. Oppty cost is nothing with 0% interest rates on my cash.
To defray, I could rent it to a suburban commuter for a few weeknights, as well.
In fact, that could end up making it free for my weekend use.
Anyone see a major issue with this logic?
For starters, RE depreciation / capital loss is obviously the huge variable here..
Is there a FAQ with some conventional wisdom on buying NYC RE? Classic gotchas, pitfalls, basics, bechmarks, etc
I know NYC RE is a different beast with lots of nuances (doorman, exact location, building, view, nearby amenities)
I'm a left-brain engineer/math type, so I can overlook what the masses deem important/imperative in an apt.
Also, I also don't live in the city, so I might not see why something is cheap. (boring location, blocked view, etc)
eg: Midtown $250k studio apts near the UN Building appear to be a bargain until you're a 14 mins. walk from the 4-5-6, and away from any nightlife
Is there someone I could pay to give me a lesson on how to search for a good NYC deal, if such a thing exists? (efficient market?)
Or conversely, how to avoid "sucker" deals.
eg: Here are 200 listings, distill out the 10 best candidates worth viewing, and explain why. (Teach fish vs. give fish)
Thanks!
(Appendix)
In 2003, I paid cash ($90k) for my 1BR co-op that is prob. worth $150k today. (Maint = $600)
I saved up a modest $750,000 before leaving NYC/finance to do public service work.
My current salary is about $100k.
Why not move into NYC entirely? I don't want to commute out of the city, and keep a car in the city. Bigger lifestyle and money hit. 2 days a week of NYC is plenty.
My lifestyle is largely location independent and intrinsically driven.
I obsessively read & write. Regular fitness and a many long-term hobbies/interests.
Hence, I have little interest in "NYC entertainment/culture" b/c I keep myself very busy and engaged.
However, suburbia offers fewer social/dating opportunities as you get older.
I enjoy dating, but I probably will not marry or have kids, by choice. (The NYC mindset?)
So, if I plan to continue dating in my 40s, like my NYC counterparts, I need to establish a viable/sustainable long-range plan outside of suburbia.
As you're aware, NYC women don't want to date men outside of NYC, and suburbia is filled with single moms and "loser" types (live at home, no real career, etc)
I am very bearish on the economy, and clearly would like to avoid having my limited nestegg take a big hit.
I've always felt brokers are full of crap when acting as prognosticators, and I see no reason for "recovery"
We have read all about "real estate crash" for 2-3 years, but I've only seen perhaps -15% in suburban NY since the peak.
No clue about NYC, but I assume there is tons of room for a freefall, as unemployment %, lower bonus/salaries and tighter credit do not mesh with current prices that are still huge compared to a decade ago.
When everyone in NYC is a paper millionaire, something has to give.
Lastly, if you're thinking....hey buddy, what kind of woman are you going to attract with a $100k career and a studio at age 40 ??
1) I am intelligent, well dressed, educated, articulate. More interesting than the average guy, by a longshot. I will take my chances. Not everyone is a status obsessed golddigger.
2) I think my current location is more of a dating liability. Currently, I am not even in the NYC game. I'd like to get a few at bats, at the very least.
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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009
This OP kid is one of the least informed on this board since techguy (I'm not ready to put him at stevef/alpo/perfitz status yet... but he's getting close).
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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009
btw, he should give up on the manhattan apartment thing.
He's not smart enough for Manhattan girls. central jersy is all he can handle.
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
don't get sth about this. what on earth is a single guy in his late 30s doing alone in the suburbs?!??!
if that was a bad move, maybe you can find a single woman that's as RE dislocated as you are?
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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007
Thank you, somewhereelse, but my suggestion DOES border on mental retardation. That's why I made it.
Genre: parity
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
> " if it rolls, flies, floats or fornicates"
felix, the publishing entrepreneur, but it's "If it floats, flies or fucks... RENT IT!"
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Response by Boss_Tweed
over 15 years ago
Posts: 287
Member since: Jul 2009
>@Boss Hardly. I do more volunteer work with women than you do.
This is beyond doubtful.
>You must be autistic
Um, you already tried that one on me. How about going for a more inventive slur?
>... if you don't understand the nuances of renting a spare bedroom in someone's
>apt vs. owning your own place.
Now you're confusing me with someone else. I never suggested you rent a spare bedroom.
> Signing off for now
Thanks.
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Response by Boss_Tweed
over 15 years ago
Posts: 287
Member since: Jul 2009
>don't get sth about this. what on earth is a single guy in his late 30s doing alone in the suburbs?!??!
I'm thinking he lives "alone" in his parents' basement.
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
yep, there's sth fishy about all this...
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
@ Boss, those that live with their parents do have a handicap versus those living in the city... in this case, mmm the handicap is somewhere else
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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007
and so is the hand
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Response by NYCDreamer
over 15 years ago
Posts: 236
Member since: Nov 2008
Captive.... In over 200 posts you've rejected every single suggestion offered. You remind me of my kids who pretend to ask for advice and then give me thirty reasons why my advice sucks. Your mind was closed before you asked the question. You're going to do what you want to do. Good luck in love and life I think you'll need it. BTW, I think Alan gave the best advice. Have lot's of kids and sports teams to keep you busy and away from the ladies.
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Response by Tallisman
over 15 years ago
Posts: 121
Member since: May 2009
I just figured out why this thread keeps going, Sex, Money and Real Estate. The perfect trifecta, unfortunately, no one on the board has experience in all three.
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Response by Boss_Tweed
over 15 years ago
Posts: 287
Member since: Jul 2009
Captive asked, "Purely for social/dating purposes, could I buy a cheap studio in NYC for a weekend crash pad?"
The answer, of course, is "yes, you could."
The problem is that we all got sidetracked thinking about whether the idea was actually, in any way, wise.
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Response by NYCMatt
over 15 years ago
Posts: 7523
Member since: May 2009
"The answer, of course, is "yes, you could."
It is ... until he suggested a revolving door of week-by-week subletters, which would never work in a co-op.
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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007
He could get the Corvette with the gold-plated tailpipe.
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Response by falcogold1
over 15 years ago
Posts: 4159
Member since: Sep 2008
Buy the place and decorate it exactly like Otter's frat room in the Movie 'Animal House'.
A 1960s style bachlor pad with Joe Nameth shag carpeting and a music/lights control switches.
Don't forget the doctor bag with the instrumentation.
Mirrored bar against the wall.
Can I borrow your place one weekend?
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Response by falcogold1
over 15 years ago
Posts: 4159
Member since: Sep 2008
The name on the buzzer down stairs should read...Dr. Feelgood
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Response by wisco
over 15 years ago
Posts: 178
Member since: Jan 2009
captive - like the real estate thinking .. i'm with you there, but the dating thinking is scary. writing off the possibility of real love seems like a dead end with dating and a turn off to any woman- even those who are open to your situation.
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Response by falcogold1
over 15 years ago
Posts: 4159
Member since: Sep 2008
notches on the bed stand......
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Response by falcogold1
over 15 years ago
Posts: 4159
Member since: Sep 2008
STDs the size of small cats
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Response by Baier
over 15 years ago
Posts: 41
Member since: Jul 2007
Wow, fun thread. I think y'all are being too harsh on captive. As a 30-something sometime suburbanite, I've entertained similar ideas in the past.
Yes, it does seem like he made up his mind before he came here, but I think he was looking for a powerful enough reason not to do it, and I don't think he got it. I think y'all did a good job of identifying the risks and downsides of his gambit, but I don't blame him for going ahead with the plan.
I agree with his idea that a hotel room doesn't quite carry the same weight as a residence, no matter where it is. Even if he is just staying two nights in the city, it makes him a New Yorker. There are plenty of sales people, consultants, etc who travel five nights a week but have their home in town and only spend weekends here -- but it makes it easier to take them seriously as friends and lovers than someone who spends two nights here in a hotel room.
That said, I agree, this should be looked upon as a luxury, and not a great investment. I also don't know how much easier it will be to get ass, but he's right -- better to be in the game, with at least a chance at bat, than in the suburbs, where there's very little quality ass at all.
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Response by Boss_Tweed
over 15 years ago
Posts: 287
Member since: Jul 2009
>Can I borrow your place one weekend?
Man, can't you read? It's only going to be available on weeknights!
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Response by BSexposer
over 15 years ago
Posts: 1009
Member since: Oct 2008
Captive:
1. Hates women and is aging quickly;
2. Wants sex only on certain days...in a studio;
3. Will be completely tired of sex in a couple years;
4. Has a mediocre job;
5. Is stuck in the burbs;
6. Has no desire for a commitment;
7. Has no desire for kids;
8. Has no desire for a wife;
9. Is fairly annoying.
Wow - I'm pretty sure all the 20-something model types in Manhattan will be lining up to bang - er, "date" - you.
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Response by kstiles99
over 15 years ago
Posts: 171
Member since: Oct 2009
I know when I was in my 20's I was ALWAYS on the lookout for an older guy with a waning sex drive. haha
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Response by lucillebluth
over 15 years ago
Posts: 2631
Member since: May 2010
captive, not sure who your "market" is right now, but as you age your market will divide between 1) still single women who've got babies on the brain and 2) divorced women with young children who are looking for divorced men with children of their own for a stable relationship. you sound like you want a new york party girl, but you are forgetting the very important truth, that new york party girls like men with money.
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Response by lucillebluth
over 15 years ago
Posts: 2631
Member since: May 2010
just date hookers, they won't judge your studio. at least not to your face.
That one has a doorman. No good for our Captive. Might as well stay with his parents.
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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013
Any update?
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Response by multicityresident
over 9 years ago
Posts: 2429
Member since: Jan 2009
In all of my reading of old threads, I had not come across this one. Definitely one for the Streeteasy Dialogues cocktail table book.
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Response by alanhart
over 9 years ago
Posts: 12397
Member since: Feb 2007
Now it's 5 years later and the studio's newly renovated finishes are old and worn out. Time for another expensive facelift for the studio, as for OP's dates. obv
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This OP kid is one of the least informed on this board since techguy (I'm not ready to put him at stevef/alpo/perfitz status yet... but he's getting close).
btw, he should give up on the manhattan apartment thing.
He's not smart enough for Manhattan girls. central jersy is all he can handle.
don't get sth about this. what on earth is a single guy in his late 30s doing alone in the suburbs?!??!
if that was a bad move, maybe you can find a single woman that's as RE dislocated as you are?
Thank you, somewhereelse, but my suggestion DOES border on mental retardation. That's why I made it.
Genre: parity
> " if it rolls, flies, floats or fornicates"
felix, the publishing entrepreneur, but it's "If it floats, flies or fucks... RENT IT!"
>@Boss Hardly. I do more volunteer work with women than you do.
This is beyond doubtful.
>You must be autistic
Um, you already tried that one on me. How about going for a more inventive slur?
>... if you don't understand the nuances of renting a spare bedroom in someone's
>apt vs. owning your own place.
Now you're confusing me with someone else. I never suggested you rent a spare bedroom.
> Signing off for now
Thanks.
>don't get sth about this. what on earth is a single guy in his late 30s doing alone in the suburbs?!??!
I'm thinking he lives "alone" in his parents' basement.
yep, there's sth fishy about all this...
@ Boss, those that live with their parents do have a handicap versus those living in the city... in this case, mmm the handicap is somewhere else
and so is the hand
Captive.... In over 200 posts you've rejected every single suggestion offered. You remind me of my kids who pretend to ask for advice and then give me thirty reasons why my advice sucks. Your mind was closed before you asked the question. You're going to do what you want to do. Good luck in love and life I think you'll need it. BTW, I think Alan gave the best advice. Have lot's of kids and sports teams to keep you busy and away from the ladies.
I just figured out why this thread keeps going, Sex, Money and Real Estate. The perfect trifecta, unfortunately, no one on the board has experience in all three.
Captive asked, "Purely for social/dating purposes, could I buy a cheap studio in NYC for a weekend crash pad?"
The answer, of course, is "yes, you could."
The problem is that we all got sidetracked thinking about whether the idea was actually, in any way, wise.
"The answer, of course, is "yes, you could."
It is ... until he suggested a revolving door of week-by-week subletters, which would never work in a co-op.
He could get the Corvette with the gold-plated tailpipe.
Buy the place and decorate it exactly like Otter's frat room in the Movie 'Animal House'.
A 1960s style bachlor pad with Joe Nameth shag carpeting and a music/lights control switches.
Don't forget the doctor bag with the instrumentation.
Mirrored bar against the wall.
Can I borrow your place one weekend?
The name on the buzzer down stairs should read...Dr. Feelgood
captive - like the real estate thinking .. i'm with you there, but the dating thinking is scary. writing off the possibility of real love seems like a dead end with dating and a turn off to any woman- even those who are open to your situation.
notches on the bed stand......
STDs the size of small cats
Wow, fun thread. I think y'all are being too harsh on captive. As a 30-something sometime suburbanite, I've entertained similar ideas in the past.
Yes, it does seem like he made up his mind before he came here, but I think he was looking for a powerful enough reason not to do it, and I don't think he got it. I think y'all did a good job of identifying the risks and downsides of his gambit, but I don't blame him for going ahead with the plan.
I agree with his idea that a hotel room doesn't quite carry the same weight as a residence, no matter where it is. Even if he is just staying two nights in the city, it makes him a New Yorker. There are plenty of sales people, consultants, etc who travel five nights a week but have their home in town and only spend weekends here -- but it makes it easier to take them seriously as friends and lovers than someone who spends two nights here in a hotel room.
That said, I agree, this should be looked upon as a luxury, and not a great investment. I also don't know how much easier it will be to get ass, but he's right -- better to be in the game, with at least a chance at bat, than in the suburbs, where there's very little quality ass at all.
>Can I borrow your place one weekend?
Man, can't you read? It's only going to be available on weeknights!
Captive:
1. Hates women and is aging quickly;
2. Wants sex only on certain days...in a studio;
3. Will be completely tired of sex in a couple years;
4. Has a mediocre job;
5. Is stuck in the burbs;
6. Has no desire for a commitment;
7. Has no desire for kids;
8. Has no desire for a wife;
9. Is fairly annoying.
Wow - I'm pretty sure all the 20-something model types in Manhattan will be lining up to bang - er, "date" - you.
I know when I was in my 20's I was ALWAYS on the lookout for an older guy with a waning sex drive. haha
captive, not sure who your "market" is right now, but as you age your market will divide between 1) still single women who've got babies on the brain and 2) divorced women with young children who are looking for divorced men with children of their own for a stable relationship. you sound like you want a new york party girl, but you are forgetting the very important truth, that new york party girls like men with money.
just date hookers, they won't judge your studio. at least not to your face.
Captive, how about this apartment:
http://streeteasy.com/nyc/sale/496082-condo-150-west-51st-street-times-square-new-york
That one has a doorman. No good for our Captive. Might as well stay with his parents.
Any update?
In all of my reading of old threads, I had not come across this one. Definitely one for the Streeteasy Dialogues cocktail table book.
Now it's 5 years later and the studio's newly renovated finishes are old and worn out. Time for another expensive facelift for the studio, as for OP's dates. obv