How much apt can I afford

anything you want

Rob, we're nearly identical finance-wise. I'm looking in the 2.2-2.5 range. Will likely wind up somewhere around 2.3. Remember, if you're looking at a co-op they will generally want to see no more than 25% debt-to-income and sufficient liquid in the bank after the sale.

$2 to $3 million, depending on how much debt you want to take on, and whether you have expensive hobbies.

Vivaldi's post, in a nutshell, captured what is wrong with the broker-driven system.

By the way, Vivaldi, what kind of reply is that?? Sheesh. As a 'pro' shouldn't you have something more informative to add? ;-)

the idiot just pays more to streeteasy to get the PRO next to his name.

well, someone with those financials who seeks advice on an anon message board, and in addition doesn't seem to grasp that a re broker's job is to facilitate the sale of real estate, not give financial advice.........is perhaps a fool who deserves to be parted with his money? i say take him for everything, vivaldi. la primavera looks to be promising.

I doubt he's much of a fool if he's pulling in that kind of dough... ;-) But yes, I would strongly encourage engaging a trusted financial advisor to help crunch the numbers. Anon boardies may not be of much help.

"Anon boardies may not be of much help." with the obvious exception of inonada, who is certainly doing penance for some unthinkable transgression.

Assuming a mtc of up to $3500, you can clear most coops with an apartment priced to $2.8M.

Tsk tsk. It's a shame. One day, maybe, IF you work REALLY hard, you'll be able to afford a one bedroom apartment -

http://streeteasy.com/nyc/sale/520202-condo-521-park-avenue-lenox-hill-new-york

Matsonjones, one caveat, 521 Park is a moving target, after 7 months on the market it was raised by 25%. Not a bad yield .

since you're all here, i've always wondered something. why are brokers allowed to present "alternate" floorplans? THAT to me seems like actually false advertising based on absolutely nothing. like, could someone buy this place, not say a word and then sue when the board barrs them from puting a bedroom where a bathroom once stood?

"I have 1.1 million to put down with another 2m in the bank."

doesn't this mean you can put down $2mm (or more)? Or is that retirement funds or other illiquid assets?

gaongaon: Agreed! And one day soon, our padawan homebuyer will be able to plunk down $5,000,000 for their very own one bedroom apartment in the big city! So exciting!

NY is a caveat emptor (buyer beware) state. That means that you are not relyingon anything the broker said or represented, and checked all pertinent facts independently. That is why brokers can be such creative and wild liars: there is no accountability. The only exception is fraud; it is a narrow legal definition. To prove fraud, you have to show the broker knew it couldn't be done and took actions to prevent you from finding out. Not telling you is not fraudulent.

NY is a caveat emptor (buyer beware) state. That means that you are not relyingon anything the broker said or represented, and checked all pertinent facts independently. That is why brokers can be such creative and wild liars: there is no accountability. The only exception is fraud; it is a narrow legal definition. To prove fraud, you have to show the broker knew it couldn't be done and took actions to prevent you from finding out. Not telling you is not fraudulent.

right, i understand that. but why is this practice of presenting alternate floorplans allowed at all?

>NY is a caveat emptor (buyer beware) state. That means that you are not relyingon anything the broker said or represented, and checked all pertinent facts independently.

PLUS

The unit has not yet been built, so you have little ability to check material facts.

EQUALS

How savy a buyer can you actually be?

Kiss- it is in addition to my 401k, but I don't want to empty my stock acct to but an apartment, that amount is what I am willing to take out of my acct. Lucille: I actually already knew the answer to my question before I asked it, just curious to see what people said. Bramster is right, 2.2-2.4million. Lucille I am not an idiot- how do u think I was able to make and save so much money if I were stupid

Lucille, allowed by whom? In the US, the prevalent legal framework is that whatever isn't forbidden is allowed.

Lucille, allowed by whom?

i guess not allowed, but acceptable practice. it strikes me as so grossly unethical, that a reputable agent should be above something like that. (not to single out this particular agent/team, it's done a lot) i am not talking about legal restriction, but industry standards.

"Lucille I am not an idiot- how do u think I was able to make and save so much money if I were stupid"

i could respond to that, at length, but it would just hurt your feelings.

I would've thought closer to $3MM, based on very rough math of mortgage = 2.5-3x income + $1.1 downpayment.

I guess I am impressed you have over $3MM saved up on $650K/year income. Did it take you a long time to get there? Or did you invest well?

Rob360
about 1 hour ago
ignore this person
report abuse Kiss- it is in addition to my 401k, but I don't want to empty my stock acct to but an apartment, that amount is what I am willing to take out of my acct. Lucille: I actually already knew the answer to my question before I asked it, just curious to see what people said. Bramster is right, 2.2-2.4million. Lucille I am not an idiot- how do u think I was able to make and save so much money if I were stupid

Far more likely you are a poseur looking to get their ego stroked by other know it all wannabe's.

>Far more likely you are a poseur

Oooh, French!

Rob, One think you want to factor in is your future income and how many years you will be able to make that income. At the current income level with 30% down, you can go upto $3mm as long as you know that you will be working at least another 20 yeass. Please keep in mind, along with a bigger apt come higher taxes and maintenance.

2,787 open houses FLMAOZ

Did you mean FLAMEOZ?

http://www.google.com/search?q=FLMAOZ