HELP: Should I buy?

I've had a good, long run of renting. My money has been invested elsewhere, making good returns. I've missed out on many years of flat RE prices and negative carry. But now, a unique opportunity has come up. I live in some high-end apt where the line basically never comes up for sale: over a decade since the sale of something comparable in the line. By kismet, the floor below me just came on the... [more]

I've had a good, long run of renting. My money has been invested elsewhere, making good returns. I've missed out on many years of flat RE prices and negative carry. But now, a unique opportunity has come up. I live in some high-end apt where the line basically never comes up for sale: over a decade since the sale of something comparable in the line. By kismet, the floor below me just came on the market. Should I buy it? I'm not going to give actual prices for privacy, but rather scale everything to a $1M asking price. So $1M asking price, with $1K in monthly cc & tax. My rent is $2K a month. Even if I stay 7-10 years, maybe use Keith to save shave a couple of points off commissions, transaction costs will amortize to another $1K a month. Then there's the issue of upkeep, maybe renovations, etc. What should I do? Buy it or keep renting? The LL re-screened the floors before I moved in and offered to re-paint the patterned beige walls into whatever color I wanted, but I chose white. My SubZero is nearly a decade old now, as is the kitchen renovation, which I suppose could use some updating. I don't think the lack of psychic ownership benefits have left a hole in my life, but I'm not sure: I'm not a psychic. Serious responses only, please. [less]