I'm going into contract on Monday.

I plagiarized. Simply because our situations are similar. Figured if nyc10022 reads it twice, he might be able to grasp the concept.

"mdasch - weird!!!! did you just happen to write virtually the same thing I did, or plagiarize? Either way. Spooky coincidence."

mdasch = nycjunior1..imagine that - a person using multiple aliases to try to prove their point..

"I could rent for a year or two, living in New York, and burn down my savings while hoping that I may potentially get a better deal."

Burn down your savings? You could INVEST your savings and INCREASE your net worth over the next 1-2 years while NYC housing prices are collapsing. You would also save the closing costs associated w/ buying your place. It just makes no sense from a financial perspective to buy when sellers are still trying to get prices close to the top of the market (which, as is obvious, was a bubble) - it's all about opportunity cost.

"However, to live within my means I'd have to rent outside of New York and spend over an hour commuting everyday, have great difficulty with my social life, and my job (which is in entertainment and requires late nite work.)"

Why would you have to live outside NYC? It's clearly cheaper to rent than to buy in NYC. I don't get your argument, sorry.

great. now they're gonna think I'm that that guy steve. oy vey. Next time, write your own words please. I actually procrastinated to write something thoughtful now these schmucks are gonna think this is bullshit.

Streeteasy is doppleganger central these days.

Pay down your mortgage if you get some extra cash. The first years are mostly interest and tax deductible. The later years skew towards principal and that hurts you taxwise. Housing is a major cost of living in NYC. Get that under control and you have unbelievably flexibility in life choices. Hence the hate towards rent stabilized/rent control tenants. Hence the hate towards owners with no mortgage.

I like the format, so I'm copying too.

We're in our late 30s. Came out of college & grad school with zero loans. Lucky to have saved and bought in '00. Inherited and will inherit nothing. We're in a rare, very lucky position in which owning is arguably little more than renting at market prices, but with the added comfort of living in a space designed for us. We use credit cards responsibly and have never carried a balance (except over the holidays because we have tendency to forget to pay and I don't like autopay on cc bills). I have an aversion to debt. My carrying costs for this apt is $12000 net. Similar apts in the vicinity are on the market for 14-25000/month.

"I actually procrastinated to write something thoughtful now these schmucks are gonna think this is bullshit."

It is BS because you've been sloppy and revealed to everyone that your are posting under multiple IDs - you've lost all credibility. LOL.

Psht. I'll gladly post up a picture of me holding my ID with IPChicken.com open in the background if you're concerned about them thinking we're the same people. Or, how about a blurred version of my contract?

Silly. Ness.

Feel free to do the same.
http://68.199.194.244:8081/public/mdasch.png

BSexposer: your screen name is the kind of screen name only a multiple poster would adopt. One name for regular posts and one name for nasty ones. Did you just think of that name today? Keep posting so we can guess what your other names might be. It's a fun game we all can enjoy.

No, unlike mdasch / nycjunior1, I'm not a fraud and a liar. I posted on here last year under this ID, so I've had this name for awhile. Sorry to disappoint you, "80sMan".

nycjunior1 can feel free to screenshot his IP and username. I've done my part. Such a shame you felt the need to post a celebratory post of me signing a contract into this infantile back and forth.

Bsex - renting = >$2000/month while owning = <$2000/month I can't afford more than $1000/month. That's why it makes more sense for me to just buy now instead of renting, buring down my money (the highest yield I could get now is 2.5 percent, not enough to break even) and not knowing whether or not I will get a better deal. I've spent the last 4 months obsessively looking at listings on street easy and going to 10 open houses every weekend. I've seen every apt in my range in downtown manhattan. Do you think I want to keep reading SE every day for the next two years and dealing with moron, shit-for-brains brokers and unrealistic sellers for the next two years just so I can MAYBE save a little money, while letting the certainty of this apt slip away? Do you? I sure a shit don't. I can't wait to cancel my SE account and not deal with the stress of this shit for a long time. I don't want to be wasting my time in flame wars on the pathetic message boards with sad, disgruntled people and I don't like that I am one of those sad disgruntled people. You guys can continue to ride this roller coaster up and down for the next year. I'm gonna get off, vomit, clean myself off and get myself some cotten candy. I agree that from a purely financial situation this is not the most prudent thing. I would probably do a little better by waiting. Yes. It is all about opportunity cost. But opportunity cost is not just about dollars. You have to factor all everything in your life. I did the calculations long and hard. And the results for this apt, right now said buy. 'Nuff said.

If I can't afford to rent in NYC, but I can afford to buy, therefore it is clearly NOT cheaper to rent than to buy in nyc. Do you understand that, Bsex?

"Such a shame you felt the need to post a celebratory post of me signing a contract into this infantile back and forth."

Such a shame you post under multiple IDs pretending to be different people - very dishonest - shameful, even.

: yawn :

mdasch - I'm not hating on you. I don't don't really care what these guys think. Honesty, I just get wrapped up in these flame wars. How do I do that ipchicken thing?

"Yawn"

Yeah, I guess when you do it all the time, lying and trying to con people does become boring. I wouldn't know - obviously, you do.

Go to ipchicken.com. Go to streeteasy.com. Put the two next to each other.
Mac: command - shift 4. Drag a box around the two like I did.
Windows: Errr.... hit the print screen button. Open up MS Paint. Paste it in. Crop. Save.

Go to tinypic.com. Upload it. Post link.

"Go to ipchicken.com.."

Dude, you been busted - you obviously have some cover-up BS that you know about to make it look like you have different IP addresses. Whatever - it's obvious - just admit it already. LMAO.

I guess this conversation is over. Anyone want to comment on my thread about nyc still having a housing shortage.

Congrats mdasch and good luck all. Starting April 7th you haters can argue with me at the Astor Cube. I'm coming home.

Good luck to you, nycjunior1. Closing in May (Hopefully) for me.

"I guess this conversation is over"

LOL - the fake conversation btwn you and mdasch appears to be over, yes. Be sure to create some new IDs so you can participate in future threads - and thanks for the free entertainment - it was really hilarious watching you try to squirm out of your lies.

Done trolling yet?

Done lying yet?

wait, I think mdasch and BSexposer are the same person! Oh no!

and this is why I will be happy not to have to deal with this shit anymore.

Perhaps all three of you are the same. Need more data. At least I think I can say you're 1-3 persons and 0 bots. If you're bots, hats off to the programmer(s).

It's a shame. I do like this forum, but it is one drama magnet if I've ever seen one.

I confess. I was the second gunman on the grassy knoll!

I was also one of Saddam's dopplegangers in the early 80's!

Oh, remember that annoying clone of Spiderman in the early 90's. That was me too!

okay time for 24

Oh and House just made out with Cutty. Nice.

There was a question posed earlier on another thread. Who would buy a place now? Looks like so far people with trust funds and now people who received an inheritance. Money not worked for is much easier to spend.

lajeep405, what would become NYC real estate if not money not worked for didn't buy here? NYC is all about trying to catch up to people in the 100 yard dash who started 10 feet from the finish line.

About half was mine, earned via work for the past five years and saving. Still much more than ten percent down. I wish I did not inherit the rest. I agree. much of the buying in Manhattan is with help, but this has been the case fro some time. I am truly lucky and don't deserve this. I think about this all the time.

""Uh, so you completely missed the part about housing prices going down? you think that helps the owners?"

No, but that has nothing to do with the S&P being up today."

So, yes, you completely missed that part. And, for your reading comprehension skills, look up what the AND between those words means. Some day you'll be able to read posts with the big boys.

"If I can't afford to rent in NYC, but I can afford to buy, therefore it is clearly NOT cheaper to rent than to buy in nyc. Do you understand that, Bsex?"

Hundreds of example on this board over the past year or so noting significantly more expensive to buy than rent... and rents have dropped dramatically. Is this the magical exception where it takes half the amount to rent?

Or are we talking that your parents put 70% down and you're only include mortgage payments?

Per every place that tried to calculate it, its been significantly more expensive to buy than rent the same apartment in this town... up until prices tanked double digits...

Or, lets simplify

"I can't afford more than $1000/month. That's why it makes more sense for me to just buy now instead of renting"

You bought an apartment that costs $1k in mortage and maintenance?

Where did you find a $100k apartment (that rents for $2000+ a month)

nycjunior, NYC wouldn't be NYC if it wasn't for the guilt of the rich and/or their offspring. Let me know when you want to dedicate a wing somewhere. Otherwise, enjoy your good fortune.

I'm not rich. This is all the money I have. I'm not receiving any help from parents on this. It's entirely my money, earned and saved and from the sale of my previous apt.

10022 - it's a very, very small mortgage. very small.

By the way, I'm not trying to be defensive, I think the point I'm about to make is actually interesting info about the market - there are many people who are not "rich" but merely middle class that receive help from family in purchasing apts. Take a look at the closings (they are listed right here on street easy.) It seems like 25-33 percent if not more have three people on the mortgage/title.While this is not my case, This is what happened with the buyer of my apt - (and he was older than me) - him and both his parents split the cost three ways and took on a $100K mortgage. Similar arrangements are the norm with countless transactions. Just ask any real estate agent or go to an open house and you'll see parents looking with their "children" who they are going to help. More than half the people who moved into my old building since I lived there were under 30 and had help from parents in some way. This is a force to consider in the New York market that I don't think enough people on SE realize when they make arguments assuming 20 percent down as the strict norm. There are also many people who live in New York and the Metro area who have enough money to pay all cash. I know a lot of people like this too.

And this argument applies even more to rental. Probably 80-90 percent of the people under 30 in New York, Queens, and Brooklyn are getting some form of parental assistance in rent. Do we deserve this? Did we all earn every penny that goes into our housing budget? Nope. Do I feel guilty yes. Happy? At least I'm aware of it. I agree. Too many of these people were born on third base and think they hit a triple. But they are still a big part of the New York RE market to consider.

Junior, you didn't actually answer the question.

If you found something to buy that was cheaper than renting, sounds like a good deal, and the huge exception out there. I'm not sure what apartment sells for $100k that rents for $200k.

This town has swung the other way for years.

So the lesson is, if you can find a $5 apartment, sure, buy it. For those who don't find $5 apartments, better to take the cheaper option of renting right now and wait things out as they continue to decline.

> 10022 - it's a very, very small mortgage. very small.

Wait, I think I got it.

You rolled the profits from the last apartment into your new apartment.

So you have something like 80% down or whatever.

If thats the case, you are not properly assessing the cost of owning. Its not just your mortage, its the cost of the 80% you put down as well.

If you are not factoring that in, you don't understand your actual costs, and comparing it to rent is meaningless.

Black.
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I think the only people for whom it makes sense to buy in this market are people like mdasch and nycjunior1 who are young and inherited money (and/or had help from rich family, and/or for some other reason have a bunch of cash laying around), and therefore can do this with a relatively modest mortgage.

I might do the same, if I were in their shoes. But I am 39, married, neither of us will get a dime from our parents or anyone other than ourselves, and we are not interested in taking on massive amount of debt in this market. I was in a contract for new construction, only 2 of the 8 units sold - one unit went to someone whose parents put up most of the money (60% down, 40% financed), and the other was a successful musician. These buyers exist, and they have different resources and risk-tolerance than most of us, and buying NOW may make sense for them. The rest of us schmucks will have to wait a while longer.

pjc: Did you get any of your deposit back?

"people like mdasch and nycjunior1"

It's the same person, posting under 2 different IDs

mdasch - things are not completely resolved regarding the deposit, but I will report back once they are...