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Stepping back in to NYC co-op

Started by manhattanfox
over 13 years ago
Posts: 1275
Member since: Sep 2007
Discussion about
Having done very well in Manhattan RE between 1998 and 2007, I rented the last 5 years. I just closed on a new coop and am thrilled -- I bought more indoor and outdoor space and locked in a 30 yr mortgage with no points for 3.25%. I want to thank me fellow street easy buddies for years of good information. All my best -- Happy Holidays and have a wonderful 2013!
Response by huntersburg
over 13 years ago
Posts: 11329
Member since: Nov 2010

But you realize, you could have bought Sprint instead?

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Response by Truth
over 13 years ago
Posts: 5641
Member since: Dec 2009

Good for you, manhattanfox.
I bought all-cash in 1998 and although I didn't sell in 2007 I still did very well when I sold my condo this year.
I'm also beating the new Cap gains tax rate increase.

Happy Holidays to you too.

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Response by KeithB
over 13 years ago
Posts: 976
Member since: Aug 2009

Congrats Manhattanfox! Enjoy your new home.

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Response by w67thstreet
over 13 years ago
Posts: 9003
Member since: Dec 2008

Great! You rode bubble up and plowed it back in at 3.75%. Got more indoor and outdoor space!!!!

Meh, I'm buying when mortgages hit 8%. My sprint doubles again from $2.432mm to $4.864mm. w67 will get 4x the indoor and outdoor space for $250psf and a nice 4 bdrm beach shack on the jersey shore for $200k.

Obtw. 30 yr fixed just hit 3.24%.... Ooops. Time to re tighten that mortgage noose!!!!

What seems like micro financial decisions at the time like buying $2mm in tulips, $30mm in Black Sea pearls, or $3mm tom river 6 bdrm with 3 boat docks, aren't when one considers the 'home' as a bubble asset with 30x leverage and a mortgage tax deduction that'll go away.

Enjoy.

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Response by w67thstreet
over 13 years ago
Posts: 9003
Member since: Dec 2008

Hey Keith. The best part about this bubble. Saving money, doubling up on sprint $1.432mm and fixing my driver. 290yrds down the middle every fking time!

The best part, I'm no any smarter than anyone here. And apparently I post just as much as cuntsburger. But I did get paid a $1.432mm bonus from streeteasy for posting all these years. Cheers. Tee it up. I'm gonna crush this re trade.

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Response by w67thstreet
over 13 years ago
Posts: 9003
Member since: Dec 2008

2 more yrs. 8qtrs of sprint earnings. 8 more qtrs for the unemployed to disappear from the workforce. 8 more qtrs for the 1st of many increases in fed rates. 8 more qtrs to prove my point about the bubble. Hilarious. The easiest trade this side of sprint at $2.4/share.

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Response by w67thstreet
over 13 years ago
Posts: 9003
Member since: Dec 2008

Hunterburg. Did you buy my next stock pick? Chk your email.

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Response by Truth
over 13 years ago
Posts: 5641
Member since: Dec 2009

It's not even 1pm on a Saturday afternoon and 67 is at it.

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Response by drdrd
over 13 years ago
Posts: 1905
Member since: Apr 2007

Congratulations to you! When's the housewarming? wink wink

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Response by nikinyc
over 13 years ago
Posts: 17
Member since: May 2011

Thats great! Can you provide recommendation for the mortgage broker? Thanks!

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Response by 300_mercer
over 13 years ago
Posts: 10723
Member since: Feb 2007

Congratulations! Enjoy.

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Response by palestrino
over 13 years ago
Posts: 15
Member since: Jul 2012

Manhattanfox, would you mind sharing who was the lender and the % you financed?

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