Park Slope vs Harlem vs Manhattan proper?

For now - Scenario 4: rent a 2 bedroom in Manhattan proper & wait until more of the dust settles.

Great question... facing almost identical situation/decision.

I like Park Slope (its pretty charming and family friendly) but wouldn't want to leave Manhattan. You need bigger than a 1 bed if you are going to have a child. Maybe try to get a good deal on a junior 4 in Manhattan and convert the dining alcove to a kid's room until you can afford a real 2 bed?

If you're really thinking 7-10 years, then you've pretty much got to look at 2 brs. The space will just be way too crammed. If it were me, I would either do Park Slope or go with Gotham's suggestion of renting for now, although I would look at it from the perspective of just saving up until you can afford the 2br in Manhattan proper.

I have a somewhat similar situation, although no kid yet, so we bought a 1 br (with an additional small bedroom/office that could be used for a crib) in a new dev early this year. But my time horizon is more like 4-5 years, so I am assuming that if/when the kid comes, we will stay in our place no more than a year or so, and at that time will financially be able to ugrade to a much bigger place, either in Manhattan or nice parts of Brooklyn.

Also - how sure are you that you'll just have one child? I'm basically thinking my next purchase will have to be a 3br so that we can accomodate 2 kids without being on top of ourselves.

I think picking two "mature" areas -- Manhattan and Park Slope -- is not going to help you with the "high return on investment" part of the equation and being in a "new development" is going to be very risky with your goal of staying ten years, because you don't know what you're getting. What if the building is made of tin and poorly run?

If you must condo, I would pick an established condo building -- so you know what you're getting -- in a neighborhood that is perceived as slightly more fringe-y and yet family friendly.

Jersey City and Forest Hills are two neighborhoods that come to mind immediately where you might look for two bedrooms. I like Fort Greene a lot too for the one kid/7-10 year criteria, but I don't know the housing stock there so I don't know if there are any condos that aren't new devs.

Also, I would consider a Jr.-4 in Brooklyn Heights, because I think you might enjoy being in that landmark district close to the water, but I am going on my gut rather than with my head here so I am ready to be flamed for that.

ali r.
{downtown broker}

Manhattan....

Define Manhattan proper. I've never heard that term. Is Harlem Manhattan improper? It really depends on which area of Manhattan you are thinking about as to whether I would choose Manhattan or the Slope.

My issue with option 3 is the quality of life for the child. Where will you put his/her stuff? When he/she starts walking will that even be an option or will you have the child out in the hallway? Have you seen the amount of gear a child needs? Will you want a stroller, changing table, etc in your living room? When you want to have private time with your spouse will the child be only a few feet away?

Seems to me Option 1 and 2 are your best bets. But, as others pointed out, Park Slope is likely to not appreciate since it already has seen an enormous run up. It's a beautiful area, though, so worthy of consideration.

Personally, I would look at the pre-war conversions to condos in Hamilton Heights/Washington Heights area. They buildings have all the new amenities but have the old bones. Much less noise: the distance between floors is greater so no hearing footsteps, the walls typically are plaster so no sound travels room to room inside the apartment for when the kid is sleeping and so on. Pleanty of space to put the endless stuff a child generates, too.

Good luck.

How much realistically do you have to spend?

We were in similar position about 1.5 yrs ago and considered all the areas and options (and more, including commmute time, etc). I'm sure I'll be flamed for our decision but here's where we landed:

1.) Opted for larger 2 bedroom in Coop vs.smaller 2 bedroom in new Condo (needed the space for child)
2.) Morninside Heights (By Columbia U, on Riverside, next to the park which is cold in winter, but amazing the rest of the year)
3.) Beautiful and kid friendly
4.) Approx 20 minutes on 1/9/to midtown
5.) Still has that Manahattan feel
6.) No bridges or tunnels btw. us (while at work) and child
7.) Schools galore
8.) Very interesting blend of students, professors, lawyers, doctors and wall st. folks
9.) Not as cool and hip as downtown, but gave up late night-life anyway due to child
10.) Good investment thus far even with current market

No one should be flamed for making a personal, real estate decision. Personally, I think you made an excellent choice.

grunty's advice is good. If you really want to stick with condos vs. coops, Morningside Heights has only a few. You'd also do well to focus on the part of Harlem immediately east of there, where I owned 2001-7 in http://www.streeteasy.com/nyc/house/371-west-117-street-manhattan -- a great building (that's not a townhouse as stated, but a gut-rehabbed 25-unit elevator bldg. with a very long-term tax abatement/exemption transfers to resale buyer).