Looking to buy a 3 bedroom in Tribeca for $2,000,000.

is this post serious?

I call shenanigans.

"we need to get out of our rental and..."

Insert my words: "...pay three times as much on a cash-flow basis to move into an overpriced condo."

hahahaha. Just bet in Black, at least you have a 50-50 shot. Good luck.

are you also in the market for a bridge?

yes, this is a serious post! we should probably just keep renting but we pay over $11k./mo on this place now--way too much.

You must be in a Related Rental. Go to nybits.com for no-fee apartments.

you are aware that there is a search engine on this site as well as other sites, try nytimes, that will identify what you're looking for?

of course. i search this site almost daily and can't find anything! that is why i am posting for help!

If you do a search on streeteasy for a 3 bedroom 1500 square feet or above in tribeca/soho for $2million-the results give you 5 places. All of them are dreck! One is half basement square footage and 3 are in 25 Murray- a troubled building, one is a small second floor on hudson not worthe the price!

Have you done the math yet?

Buying at $2 mil means your mortgage alone is $12k a month (or a little less with more down payment, but they you have a down payment to put down at a stock market valley). Spending $11k right now to wait things out does not sound like the most horrible thing ever.

we would put a big percentage down so the monthly payment would be much less. but when you say a stock market valley -are you saying that the cash would be better in low valued stocks???

"Buying at $2 mil means your mortgage alone is $12k a month"

probably more like 10k

jstern64, try upping your price limit a little - just because they're asking over $2m doesn't mean you can't work them down. Here's one at $2.1m

http://www.streeteasy.com/nyc/sale/329003-condo-275-greenwich-st-tribeca-new-york

Side note to those who feel the need to post their market analysis diatribes/sarcasm on every thread - please show a modicum of respect for the OP. These boards do serve purposes other than discussing the market. The shtick is getting old and annoying.

> are you saying that the cash would be better in low valued stocks???

I would put money in stocks today over Manhattan RE, for sure. We might be looking at some pain in both, but stock already took its lumps.

But, that is besides the point. My point is that you seem to be afraid of the $11k rent, but it doesn't seem like buying is a major discount off of that. Even if you would be paying a little more to rent, I personally figure the OPTION to make the choice in 1 year is worth a lot.

The option to buy when you know what the prices will be one year in the future (because it will be one year in the future) to me is worth something.

Ignoring the wisdom of buying in this market (I generally agree with the bears, but respect that it's your decision), I second the notion of expanding the search. If your *true* ceiling is $2MM, look for stuff listed under $2.5, or even under $2.75. Prices come down sometimes, and/or people may be willing to negotiate.

Also, get rid of the square footage requirement for two reasons. 1) Some listings don't have square footage estimates, so you're leaving those out for no reason. 2) Most brokers blatantly lie anyway, so their estimates aren't that useful. Look at each apartment's floorplan and decide if it's big enough for you to consider.

agree with newbuyer ^

Here's another that's been price chopped and is also available for rent (also price chopped), suggesting there may be further room down:

http://www.streeteasy.com/nyc/sale/277054-coop-135-watts-street-tribeca-new-york

whats this place renting for?

Interesting post KISS. This place is actually at steve's buy vs. rent equilibrium. I know nothing about the building but based on the numbers, it would make more sense to buy this unit than rent it. There has to be more to this story.

where do you see the rental amount? I'm not catching it on the streeteasy or elliman page... am I missing something?

wow, under $1k psf for what looks like a pretty nice space. I see nothing wrong with this apartment, is this just a "market reprice" or is this thing lower for a specific reason. One bedroom on a shaft, but I've seen much worse than that.... lower floor, is it noise?

EW, there is a rental in the building with the same amount of space for $15k. It isn't the same apartment but same building and sqft.

it is the same apt and the rent is 12,825

you have the link to the rental listing?

mortgage would be around 12k+ considering jumbo loan

for which apt?

ccdevi & nyc10022: This site is no only a nice place to chat - it's actually an incredibly useful search engine. If you want to see which apartment, just click on the building info, which should show the rental and sales listings (as well as previous recorded sales).
These sellers seem to be pretty eager - they dropped the rental price after only a few days.

Not to be a jerk, though - here's the listing:
http://www.streeteasy.com/nyc/rental/410814-coop-135-watts-street-tribeca-new-york

"You must be in a Related Rental. Go to nybits.com for no-fee apartments"

Stsve's again over-generalizes and thinks you can always find something on nybits. In this case, searching for 3br in Tribeca and Soho yields exactly 2 apartments - one at 121Reade, the other at 88 Leonard. I know both these buildings well, and these apartments are going to be barely 1100/1200 sf and is a stretch to call them genuine 3br apts.

"This place is actually at steve's buy vs. rent equilibrium"

Not. Whether to buy or to rent, in this environment, STAY AWAY!

I just sold my FI apartment for list, after a week. In 1998 the prices in FI and Manhattan were the same. Which means that 2-bedroom, 2-bathroom 1200 sft apts. go for $600k, 50% (or more) less than today.

Beware....

hey,
I appreciated all of the feedback and comments. i like 135 watts but we are firm at our top price and it is still too high! i don't know if they would every come down to meet us.

As the RE would say, time is on your side...

Be patient.