It is crazy ! wait it out or just overpay?

Clarification need more than 1200 square foot (2 or ideally 3 bedroom)

You and the rest of NY... you can try to wait for rates to go up.. you should see some relief but that will not help your monthlies!! Should help with purchase price theoretically..

in What area are you looking?

Are you sure Harlem also? I see lots of nice listings for apartments and townhouses that have been on the market for months now.

So is this crazy market actually pushing people into Harlem and Upper Manhattan?

You should buy based on your needs first and market timing second. If your needs are being served by the rental market and you can afford to wait, then do so. If your needs are not being met and you can afford it, then you should buy. People say 'buy now or be priced out forever' but even if prices rise, they are not taking into account an individuals theoretical increased earning power in the future and additional savings.

"Are you sure Harlem also? I see lots of nice listings for apartments and townhouses that have been on the market for months now."
I see apts in Harlem that have gone up >80% in price in less than 2 years:

http://streeteasy.com/nyc/sale/868972-condo-2300-frederick-douglass-blvd-central-harlem-new-york

thanks harlembuyer
what about above 125th street though?...the not so hot area of harlem

"So is this crazy market actually pushing people into Harlem and Upper Manhattan?"

... like lemmings marching to the top of the cliff. Then over.

alanhart
10 minutes ago
Posts: 11247
Member since: Feb 2007
stop ignoring this person
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"So is this crazy market actually pushing people into Harlem and Upper Manhattan?"

... like lemmings marching to the top of the cliff. Then over.

so says the silly cunt internet troll. who doesn't have the means to buy, nor the intelligence to inquire them.

Jim, aren't you a subsidized renter?

Now we know her fifth-floor walk-up tenement is in Harlem or Fort George.

"doesn't have the means to buy, nor the intelligence to inquire them."

... to ask the means???

Waiting for a price drop that may never happen doesn't make sense as the wait can take a long time or may never come.
If you have the means , like the place and can get comfortable with the higher price then go for it. A home is more than an investment.

>A home is more than an investment.

e.g.?

E.g.?
No

F u

So the assumption is that prices are going to dip by what? 5, 10, 15% I could maybe see a 5% dip at some point, but maybe when prices rise 15%. This is kind of like all those smart people who are waiting for the correction before getting in the market.

I follow Williamsburg and there are plenty of places that would easily fit your criteria.

Brace yourself for the fact you may not be able to buy anything suitable no matter what you do.

You're probably competing against all-cash buyers at over-ask prices, and maybe several of 'em per apartment. That's what happened to us. We're happy renters now.

Have you looked at rentals yet? You'll feel better if you do, and it will help you decide whether to buy now or not.

- If you can manage it, you should put less down (say 500k) and then allocate that extra 100k to paying monthly. A 4-5k per month payment is much more possible than less than 4k.
- Look for abatements. If you are set on 4k or less, than an abated apartment may get you there. Obviously at some point you will be paying more (when the abatement expires), but if you are thinking, for example, about what monthly payment your income will allow in terms of mortgages, then it makes sense to go with an abatement until hopefully you can get your income higher to adjust for the abatement and other life expenses.
- Over-ask: that should be assumed
- All-cash: remember that a high financed offer (especially if noncontingent) can beat out a lower all-cash offer
- Best and final: that should be assumed. Just be ready to bit within a few days of the first open house. Request a second viewing if you need it.
- Agree with the other comments, if you can do it, it may be worth overpaying a bit now, and you should also look at rentals (at least online) to get an idea of what your alternatives will be.

alanhart
about 13 hours ago
Posts: 11250
Member since: Feb 2007
stop ignoring this person
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"doesn't have the means to buy, nor the intelligence to inquire them."

... to ask the means???

your failure to easily understand plain English reinforces my point, troll.

Lord Gordon-Gordon, you truly are an imbecile, in addition to being a swindler. You so well represent your trade.

LLLAAA, any update on your search?

LLLAAA - there are places to go where this is not the case - don't be discouraged.

scarednycgal - Harlem north of 125th is a big area we can discuss - please feel free to contact me I have sold in the area.

If you have the $$$ now, i'd go ahead and overpay a little. You never really know when the next crash will be. As long as you can afford it and can live the way you want to...I think it is worth paying the premium. Fall 2012 I saw a few places I liked and didn't jump because I thought that things were staying on the market a long time and such...in the summer of this year those things all just started selling and I started to panic. Over the last 3 months I've put in offers on 2 similar places (which I would have thought would be apartments that people wouldn't want to deal with - in need of gut renos, high maintenance, undesirable neighborhood, etc.) BUT, I was beat out twice in bidding wars after putting in offers on the FIRST day the apartments came onto the market. WTF?! AND they places were listed 10% - 12% higher than similar units were only a year ago.

So, I'd say jump if you can.

But, that's jusss lil' ol' me.

sp21 "- All-cash: remember that a high financed offer (especially if noncontingent) can beat out a lower all-cash offer "

^But, the key to this is a "non-contingent" offer I suppose. I almost feel like suddenly EVERY offer is an all cash offer and that the sellers expect you to already be best friends with everyone on the coop board in the building you are buying in, ON TOP of having a high salary and tons of liquid assets, not to mention winning every spelling bee from birth and director of every charity ever.