I am going to do my own research but thought the experts on here could give me their immediate thoughts or a good direction to go in... My father has moved from a large firm to a much smaller one near the Hanover Sq area. The hours are longer and he is not young (56). The commute from central Jersey is taking its toll so I suggested a pied a terre to live Monday - Thursday. He likes the idea, so... [more]
I am going to do my own research but thought the experts on here could give me their immediate thoughts or a good direction to go in...
My father has moved from a large firm to a much smaller one near the Hanover Sq area. The hours are longer and he is not young (56). The commute from central Jersey is taking its toll so I suggested a pied a terre to live Monday - Thursday.
He likes the idea, so here's out thoughts:
- East side may be better (even though he's catch a cab to work; we're thinking maybe a ~$10 ride distance)
- Most probably a studio
- He is more concerned with a very nice building/architecture over the NYC charm factor.
- However, we're thinking condo to have the flexibility, esp. if he does want to call it quits in 3-4 years and still have a place in a nice location for those who do value living the NYC life... making it easier to rent out. (Probably axing out financial district for that reason)
- Since it's a pied a terre we're thinking something lower $100k's range... maybe ~$300k-350k?
Any initial thoughts, advice, neighborhoods to focus on, realistic price ranges?
Thanks.
[less]
I would think a laid back coop that allows pieds a terre would be better. Maybe something in Murray Hill, Tudor City etc. Easy commute downtown on the Lex. or use one of the buses that go to Wall Street.
An older dude would probably much prefer the midtwon east demographic to downtown anyway:
"He is more concerned with a very nice building/architecture over the NYC charm factor."
"Since it's a pied a terre we're thinking something lower $100k's range... maybe ~$300k-350k?"
given that budget and his admitted lack of enthusiasm for nyc "charm", he can buy a studio in any of the best buildings in jersey city waterfront and take either a ferry or path to his office in fidi, while having state of the art building amenities to occupy himself after work hours. they are all condos and he'll always be able to rent it out in that location. it would just be him, right? he doesn't need restaurants or much in the way of neighborhood? so he just needs a place to sleep and a gym and maybe pool to work out, he's an older guy so he probably doesn't want to slum it in whatever depressing studio he can get in manhattan for that $. go with jc/exchange place. he'll always be able to rent it out.
Ignored comment.
Unhide
Response by ab_11218
almost 15 years ago
Posts: 2017
Member since: May 2009
since the timeline is unknown, wouldn't it be better for him just to rent a studio in fidi so he can walk to work?
Ignored comment.
Unhide
Response by sjtmd
almost 15 years ago
Posts: 670
Member since: May 2009
A decent studio / condo in the 300-350 K range - not happening. Maybe a coop around 400 - 450K.
I agree - would rent - there is plenty to choose from.
Ignored comment.
Unhide
Response by front_porch
almost 15 years ago
Posts: 5325
Member since: Mar 2008
I think with the Trade Center coming back, FiDi is the best investment bet, even with property taxes as a question mark. And, as AB said, it's walk-to-work.
However, there are so many variables here (what neighborhood will someone from Central Jersey like? What is his timeframe going to be?) that I think it makes sense to rent for at least six months before buying.
Use search. For ex. here's all condos under $400,000 downtown:
http://streeteasy.com/nyc/sales/downtown-manhattan/status:open%7Ctype:D1%7Cprice:-400000%7Cbeds%3C1
Yes, them some slim pickens.
I would think a laid back coop that allows pieds a terre would be better. Maybe something in Murray Hill, Tudor City etc. Easy commute downtown on the Lex. or use one of the buses that go to Wall Street.
An older dude would probably much prefer the midtwon east demographic to downtown anyway:
Here's a midtown East search that includes <$400,000 with pied a terre in the description.
http://streeteasy.com/nyc/sales/midtown-east-manhattan/status:open%7Ctype:P1%7Cprice:-400000%7Cbeds%3C1%7Cdescription:pied%20a%20terre
"He is more concerned with a very nice building/architecture over the NYC charm factor."
"Since it's a pied a terre we're thinking something lower $100k's range... maybe ~$300k-350k?"
given that budget and his admitted lack of enthusiasm for nyc "charm", he can buy a studio in any of the best buildings in jersey city waterfront and take either a ferry or path to his office in fidi, while having state of the art building amenities to occupy himself after work hours. they are all condos and he'll always be able to rent it out in that location. it would just be him, right? he doesn't need restaurants or much in the way of neighborhood? so he just needs a place to sleep and a gym and maybe pool to work out, he's an older guy so he probably doesn't want to slum it in whatever depressing studio he can get in manhattan for that $. go with jc/exchange place. he'll always be able to rent it out.
since the timeline is unknown, wouldn't it be better for him just to rent a studio in fidi so he can walk to work?
A decent studio / condo in the 300-350 K range - not happening. Maybe a coop around 400 - 450K.
I agree - would rent - there is plenty to choose from.
I think with the Trade Center coming back, FiDi is the best investment bet, even with property taxes as a question mark. And, as AB said, it's walk-to-work.
However, there are so many variables here (what neighborhood will someone from Central Jersey like? What is his timeframe going to be?) that I think it makes sense to rent for at least six months before buying.
ali r.
DG Neary Realty