Buy Now? I don't think so!!!

Its actually a classic six...pardon the miscommunication. Some say that's a 3 bedroom (including maid's room) And it is above 90th.

We are actually buying an aprtment in the Avery for about that amount. Before deciding to buy at the Avery, we did consider a co-op that required a gut renovation. While the end result may be amazing with great space, the time, money and general hassel it takes to renovate was too daunting for us...especially since my wife and I have a one year old son. Although expensive, we are hoping that the location and view of our Avery aparment will at least retain its value for the long-run (all rooms of the apartment have direct river views and the building is close to a lot of stuff and in a very good school district).

Did Avery negotiate at all? We decided against it to buy @ Charleston-much more reasonably priced and not a glass tower construction

Avery did not negotiate. However, we got in pretty early. Some of the aprtments on lower floors in the same line sold for more later. The developer is also picking up a considerable amount of the closing costs (e.g., mansion tax, transfer tax, etc.). We are actually currently renting not too far from where the Charleston is going up. I think that it will be a very nice building, but there are a couple of things that I do not like about it and the area 1) all the noise and congestion due to the tunnel access points and 2) pretty far from any real parks.

We got a similar break, but again Murray Hill was more convenient for us and charleston is priced better and we got in very early too. For a 1yo park is very important, ours will start school by the time we move in, so the small park will do the job. As far as noise levels go I see a dramatic difference between recently built versus 10years + old buildings, so we are taking a gamble-part of the deal with new cons is taking a bit of a gamble!!!

Just curious as to how much money the guy who bought the 1.4 MM apt makes? Did you have to stretch to buy it?

We were fortunate not to have to stretch.

I want to add from the previous post that while we were able to carry the 1.4 m apartment, everything is a trade-off. Doing this for us means foreclosing any other major life purchases, investments, and activities. So in that sense, the decision wasn't/isn't easy at all. Again, my hope is that in the long run its value will go up. Hope is costly though. We'll just have to see.

Our plan is to pay-off the smaller mortgage in 3yrs, that will make things easier. Also the fact that the first 6-7 yrs of schooling will be in public schools.

This can be termed as broker talk-but FYI. Have bought a new cons and just spoke with my sales agent-sold 30+ units in the last 2 weeks -wall st bonus effect. Flame away if you guys wish to.

who is your broker? I need a good insider.

New cons-so sales agent-no broker

even better- I like working with specialists

all new cons are on this site-call the number and go visit them

screw the market.....

posted by a bitter person who has been chasing the market for the last 2 years and yes i would have been better off buying back then.....but i sure as hell am not buying now....

good news for landlords.....

you'll be singing the same song again 2 years from now.....could of, should of, would of.

As Jackie Mason once said. "i could of been a multi millionaire if I bought that place ( that I thought then was to expensive) 10 years ago" So why don't you buy it now? "Well now, now it's to expensive.

brokers rule this site - people aren't buying now - prices will continue to fall - leverage people - great when the market goes up, but terrible when it goes down....

great for the landlord......let's see.....can i own a place for what i pay in rent now......that all depends on the down payment.....as of right now there is no way anyone can buy and get the same place they are renting right now.....

Reluctant Buyer’s Lament

I hesitate to make a list
Of all the countless deals I’ve missed;
Bonanzas that were in my grip-
I watched them through my fingers slip;
The windfalls which I should have bought
Were lost because I over thought;
I thought of this; I thought of that,
I could have sworn I smelled a rat,
And while I thought things over twice,
Another grabbed them at the price.
It seems I always hesitate,
Then make up my mind much too late.
A very cautious man am I
And that is why I never buy.
I chose to think and as I thought,
They bought the deals I should have bought.
The golden chances I had then,
Are lost and will not come again.
Today I cannot be enticed
For everything’s so overpriced.
The deals of yesteryears are dead;
The market’s soft- and so’s my head!
At times a teardrop drowns my eye
For the deals I had, but did not buy;
And now life’s saddest words I pen-
IF ONLY I’D DECIDED THEN!!!

-anonymous

Gee i thought the exact samething in 2000 with the internet stocks.....there must be something that everyone else gets and i don't....if only i bought petsmart....if only i bought the qqq index last year....i just must not get it and everyone else is smart and i just don't understand ...... great thought from the brain above.....and japan is an island also ....... their markets really worked out well......

2005 Estimated Census Figures.
Manhattan = 33.8 sq. mi., 66,940.1/mi² (people)
Tokyo = 2187 sq. kil OR 844 sq. mi., 15,022/mi² (people)
120 Japanese yen = 0.99 US$ (Interbank 01/12/07)
Can of Coke = 120 Yen, US$1.50
Ever been to Japan? Apples & Oranges, man.

stocks and real estate = apples and oranges

............there's not a market for my coin collention, I guess I shouldn't buy that vacation home at this time either.

stocks and real estate = apples and oranges?

what are you talking about?

tokyo is quite big, it's kinda like manhattan, queens, brooklyn and SI all in one city

I love condescending people who sit on depreciating assets. It makes their sarcasm SO effective. *BARFS*

Next to the asking price, what do those little arrows pointing downward mean? Oh.

wow, prices are plummeting!! This is going to be worse than everyone thinks....

can anyone advice me ?
i am making about 60k a year not much but its decent I guess.
Anyway, i was looking to buy in an HDFC in upper manhattan but building
coop has a very strict resale policy and a very high flip tax (70%)
what do u think I should do ? the apartment cost about $300K

thanks

what's an HCFC?

70% flip tax sounds incredibly high...70% of what - your profit? the sale price? and how is the resale policy 'very strict'? Sounds strange...they expect people to move in but not out?

Need more info - how large is the place (sq ft, # br's)?
what ammenities (doorman, elevator, etc)?
where in 'upper manhattan'?
what floor is it on?

is the buiding 409 edgecombe?
in regards to the flip tax, it will only hurt if you need to resell it,
the flip tax is not forever, so if you think you can live there for awhile and be happy you can build equity and so forth...
good luck

the flip tax is 2 fold, part goes to the city, they helped rehab the building and sold apartments to the original tenants for very very very very cheap

70% flip tax - no way

Hey Chuck, not sure why no one did the math for you....400k a year, 20k per month post tax, 800k mortgage costs you 4k in interest per month, lets say 1500 in principal (which is really savings but we'll count it because it hits cash flow, and oh its really not that much), say maintence/tax is 2000 (and that might be a lot for a 1 mil place). So you have 12500 per month in post tax dollars for vacations/eating out/bars etc. You can't live your life on that? As a single male? Bull.

$12,500/month you can party at Pink Elephant with a grandeur style 6 times, or buy yourself 36 pairs of Salvatore Ferregamo shoes, or buy an Aston Martin with Lease, or can find an amazing gold digger who will make you think you are making $125,000/month with her little brain and beautiful looks.

Chuck you should have a fine life, i hope your only worry is about investment in NYC properties.

I just sold my place in NJ (super low flip fees and no transfer taxes---two best things about NJ) and signed a one year lease in EVil. EVERY building I went to said they have seen an uptick in guys like me. Sellers choosing to rent for the short term. This will likely lead to the pendulum swinging the other way fairly soon. I.e. the price chopping will come to a head and everyone who rented will jump back into the market, myself included which should prevent an outright collapse in the market. Although right now, between transfer taxes and mortgage recording taxes and mansion taxes and the glut of condo product, that market is fucked right now. Coops are the place to go when this market comes back.

Why would there be a collaspse is the market if the rental market is strong? If there is such a glut in the condo market why are there still bidding wars going on in cond's in Tribeca, W, Village, Soho and Greenwich Village. Listening to a lot of doom sayers on the board but at this time during the last several weeks I have gone above the asking price and lost out. Gee I wish the dam market would collaspe so I can but something I like below the asking price.

To the post above - BROKER ALERT BROKER ALERT BROKER ALERT!!!

To Anonymous above--Not a Broker, Not a Broker, Not a Broker.

"Bidding wars." Man, that is so romantically 2005!

yeah you are right bidding wars and multiple offers don't happen anymore. You are so smart