I'm a NYer but have never owned. I'm sure I'll always want an apartment in NYC, but may not raise my family in NYC - so having a pied a terre for when I'm working late nights, coming into the city for the weekend to have a place, etc. and in actuality to live here for the next few years befoe I do move out of the city. So I truly view this is a long-term opportunity. Low maintenance is important... [more]
I'm a NYer but have never owned. I'm sure I'll always want an apartment in NYC, but may not raise my family in NYC - so having a pied a terre for when I'm working late nights, coming into the city for the weekend to have a place, etc. and in actuality to live here for the next few years befoe I do move out of the city. So I truly view this is a long-term opportunity.
Low maintenance is important (vs. just an abatement), flexibility for renting if that becomes a preferred path at some brief point, probably midtown or upper west because I'll likely live in northern NJ or perhaps Westchester (vs. Long Island) in the future, what else should be important. I also like pre-war but not a stickler for it.
So anyway, any thoughts ... please, constructive comments only. I know all the reasons and perils of NYC real estate now, and I'm not rushing to do this anyway (I have 13 months left on a lease). Suspect I'm in the 1MM range, perhaps a bit more, but less is also a very good idea - again I do want this for the long term so that means a long-term lockup of capital but also a long-term monthly obligation, etc.
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Response by bjw2103
about 17 years ago
Posts: 6236
Member since: Jul 2007
piedabuyer, I'm guessing you don't need/want a lot of space, so you'd be looking at a studio or 1BR, no? Your budget is more than fine though, and depending on what you're looking for, you'll likely be quite happy spending half of that. Your big issue is likely to be the flexibility on renting it. Pre-war doesn't necessarily mean co-op, but they are very much correlated, so you'll have to find a board that's more lax than normal about rentals. That will narrow your choices.
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Response by PMG
about 17 years ago
Posts: 1322
Member since: Jan 2008
would a corner junior one bedroom condo with oversized windows and river views appeal?
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Response by piedabuyer
about 17 years ago
Posts: 2
Member since: Feb 2009
1BR minimum, preferably at least a "home office"
Pre-war isn't necessary
PMG - that's a possibility
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Response by JuiceMan
about 17 years ago
Posts: 3578
Member since: Aug 2007
Focus on established condo's on the UWS. I think it is a good idea, and also plan to have an apartment in NYC regardless of where I end up.
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Response by PMG
about 17 years ago
Posts: 1322
Member since: Jan 2008
email me for details: PMGstreeteasy@yahoo.com
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Response by soph
about 17 years ago
Posts: 55
Member since: Jan 2009
piedabuyer- stick to condos or condops b/c you won't have an issue renting it out if the need arises. Also, not every co-op allows pied-a-terres. Also, you don't have to spend $1MM- this is 2009 not 2007.
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Response by drdrd
about 17 years ago
Posts: 1905
Member since: Apr 2007
It sounds like you're alone now but once you start a family, you'll be 2, then 3, possibly 4 & 5. You'll never want to be all together in Manhattan for the weekend? Since you're thinking about holding long-term, I'd urge you to consider your needs once the family starts.
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Response by wishhouse
about 17 years ago
Posts: 417
Member since: Jan 2008
I think a true convertible Junior 4 would do you well. You could make one room the office for now, and in the future, if you keep it and have kids who want to come with for the weekend, you could do a small bunk bed in there and keep a desk for work. If you decide to rent, you'd have the option of renting it as a 2 bedroom (obviously with lower monthly rent than a true 2 bedroom, since one bedroom will likely be smaller).
That said, you see more of them in pre-wars, which also means they're less likely to be pied-a-terre/renter friendly.
I'd set up a search criteria here and get the daily updates to start getting a sense now of what you really want and what's out there, and then over the course of time you'll become an expert in your niche and will know when you see the right place that fits your needs.
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Response by manhattanfox
about 17 years ago
Posts: 1275
Member since: Sep 2007
why would you buy now? Rents are coming down and are half of the ny buying market still...
piedabuyer, I'm guessing you don't need/want a lot of space, so you'd be looking at a studio or 1BR, no? Your budget is more than fine though, and depending on what you're looking for, you'll likely be quite happy spending half of that. Your big issue is likely to be the flexibility on renting it. Pre-war doesn't necessarily mean co-op, but they are very much correlated, so you'll have to find a board that's more lax than normal about rentals. That will narrow your choices.
would a corner junior one bedroom condo with oversized windows and river views appeal?
1BR minimum, preferably at least a "home office"
Pre-war isn't necessary
PMG - that's a possibility
Focus on established condo's on the UWS. I think it is a good idea, and also plan to have an apartment in NYC regardless of where I end up.
email me for details: PMGstreeteasy@yahoo.com
piedabuyer- stick to condos or condops b/c you won't have an issue renting it out if the need arises. Also, not every co-op allows pied-a-terres. Also, you don't have to spend $1MM- this is 2009 not 2007.
It sounds like you're alone now but once you start a family, you'll be 2, then 3, possibly 4 & 5. You'll never want to be all together in Manhattan for the weekend? Since you're thinking about holding long-term, I'd urge you to consider your needs once the family starts.
I think a true convertible Junior 4 would do you well. You could make one room the office for now, and in the future, if you keep it and have kids who want to come with for the weekend, you could do a small bunk bed in there and keep a desk for work. If you decide to rent, you'd have the option of renting it as a 2 bedroom (obviously with lower monthly rent than a true 2 bedroom, since one bedroom will likely be smaller).
That said, you see more of them in pre-wars, which also means they're less likely to be pied-a-terre/renter friendly.
I'd set up a search criteria here and get the daily updates to start getting a sense now of what you really want and what's out there, and then over the course of time you'll become an expert in your niche and will know when you see the right place that fits your needs.
why would you buy now? Rents are coming down and are half of the ny buying market still...