Looking to buy

I suggest you look in either Crown Heights or Lefferts Gardens. There are a few condos in Windsor Terrace that fit the bill but the F train is pretty slow.

I imagine you work quite hard. Why work so hard so that you can live in a crappy place and have no mortgage in ten years? Not a very savvy plan. Read the other posts about people living mortgage free because they made smart purchases.

snezanc - thanks!

Ottawanyc - not sure what you're suggesting.

$30K won't be enough post-closing liquidity for many co-op boards.

you should be looking in Queens. many neighborhoods that are within 45 min commute and are safe, but not yuppie/hipster, have what you're looking for in $300-400K.

"Would like a 1000sq ft or more 2 bedroom place, ideally under $600k - figure $120k down payment and $480k mortgage"

600k?????
Maybe 4 years ago (2009) you can pick up a 2 bed in Williamsburg or LIC. Right now you'll be lucky to pick up a studio. Go out to Forest Hills/Rego Park. Also try GreenPoint.

laoshi - please contact me I have some ideas for you.

Two thoughts:

1) $100k worth of housing costs ($30K/yr to service the mortgage $48K/yr for paydown ca. $2k/month for maintenance, taxes, insurance, utilities) doesn't strike me as unbearable on a $250K-$300K income, but note that it will seem very aggressive to many others on the board. Certainly if you have significant childcare/eldercare/health expenses, you may feel house-poor.

2) Even if you're not doing your paydown, your housing nut is going to be around $50K a year, and you'll have only six months of that in cash(or less, depending on what you spend on your closing) left. Again, that's doable, but it's very aggressive -- you might want to make sure that you have another pool of resources, whether non-cash savings or family help, to pull on before you pull the trigger.

ali r.
DG Neary Realty

I would wait and save more money. You have a solid income so should be able to sock away cash easily and then have more funds for a better home or at least better reserves post purchase.

Keith Burkhardt
The Burkhardt Group

But prices are going up as are mortgage rates...I would think it would be better to stretch yourself a bit now to get your apartment, and that way you won;t be overpaying later

I don't know. If 2008 taught us anything, I think it was "don't stretch it".

I think this is the time to stretch it as the housing market is still recovering.

look at this:
http://streeteasy.com/nyc/sale/994949-coop-64-34-102nd-st-rego-park

"Is this realistic? Thoughts on areas to look into?"

I see a number of small 2 bedrooms for sale in Manhattan around your price range.
For the best bang for your bucks, Harlem might be your best choice. Since you work in Midtown, your commute should also be really quick.

I agree that Harlem would be a good choice. Especially if you look in East Harlem, you should be able to find a space along the lines you describe, and your commutes should be very easy. That area should do very well in the next 5-10 years.

You've got to live there, so really check it out and be sure you can be happy there. But I think you will be surprised by how much it has already changed and it's easy to see how that trajectory will continue.

ye villagefoo, you need to wear the bullit proof vest only once the sun comes down and not the whole day in East Harlem.

you have to find a place where you want to live and not look 5-10 yrs ahead and deal with stress and agony until you sell.

agree with villagefoo I think harlem is a good bet. Have you been there lately ab_11218? Dont knock it if you haven't seen the area. It is gentrifying quickly especially areas bordering central park, central and west harlem.

Harlem has been doing well recently and gentrifying, but do people think it will go backwards given it seems the next mayor might Deblasio....I am afraid Harlem and NYC in general will go backwards to how it was in the 1970s with high crime, high welfare/public subsidies, and no economic growth or progress. I hope not because NYC has come so far under Giuliani and Bloomberg.

he's talking about east harlem, not central or west. in those areas you will not get a 2 br for $600K.

i did volunteer on Lex and 123rd in a school... it wasn't pretty and that was mid day.

Well, then maybe East Harlem might get even worse under DeBlasio whereas at least up 'til now there were attempts to improve the neighborhood with new condos, etc.

Any apartment in this town priced at $600 psf will be less than "pretty" in some way. You just need to decide what type of warts you can embrace, or at least live with. IMO, prices in East Harlem are artificially low based on its old reputation, and it's definitely worth checking out. Especially for two people working right off the 4,5,6 that don't need anything too fancy. It is still gritty and a work in progress and that will scare off some folks, but the same was true for areas like Tribeca, Chelsea/Meatpacking, and the EVill/LES not too long ago.

DeBlasio hasn't even been elected, so it's a bit premature to call his administration a failure. IMO, while the mayor and city government is relevant, it's still a bit player in the scheme of things, and the most pronounced trends and forces fueling the city's desirability over the last 15+ years are largely outside of their control, and very difficult to see reversing.