Manhattan Real Estate - Page 2

saucz · 11-07-2005, 05:35 PM

As morrone said, Manhattan real estate will be more expensive per sq ft than anywhere in the US. Also, in Manhattan, your investment will always appreciate. Even if there is a drop in the market it will always pick itself back up.

As far as when to buy, it all depends on 2 things. Is it a buyers market (where you have the power to negotiate the price as a buyer) and do you have cash to purchase the home straight out or not. If you have the cash to purchase the home straight out, you should definately buy when the interest rates are high and the prices are low (common sense). But it gets trickier if you plan on financing a majority of the home. (When an interest jumps up 2% it can mean the difference of a couple tens of thousands or dollars). This is when you have to consider things like how long you plan on keeping the home for, and what you think the market is going to be like for the duration of your ownage. But this is what I always tell my clients, are you more worried about this home as an investment or a place for your new memories and big events. So many people get caught up in this "bubble" and the "market" that most can't make up their mind and end up never purchasing always wondering whether they should have bought or not.

But of course, people will always worry.

and i would probably too... LOL

inkblue · 11-07-2005, 05:39 PM

...am Looking for a 2-bedRoom now, maybe in Tudor City

[cross-finGers]

saucz · 11-07-2005, 05:43 PM

For all that are caught up in this idea of the bubble bursting and market crashing

http://www.therealdeal.net/issues/NO...1130898441.php

http://www.washingtonpost.com/wp-dyn...602255_pf.html

just doin my best to clear things up for those in the market now....

Josh · 11-07-2005, 05:54 PM

How does this affect renovations? I am in the process of planning a completely new kitchen (mostly for investment purposes, we rarely cook).

Any ideas?

saucz · 11-07-2005, 05:58 PM

renovations are always a good thing. Unless you're doing major gut renovations, you should renovate according to your taste because a good sized apartment in a good location for a good price will sell no matter what. You can charge a bit more for the renovations but if it's just for the kitchen it won't be that influential. (Unless your kitchen is just that horrible).

Like i said, you're living in it. Don't think too much about your home in aspects to the market. Think of the home in aspect to what you like. The market you cannot control. How happy you are about your home, you can.

realhiphop · 01-17-2006, 11:30 AM

I just found this thread. I'm in the market to rent and I was curious if anyone knew what I should expect to pay for a rental in Gramercy/Murray Hill for a studio? What neighborhoods could I potentially pay $1200 for a studio?

suntzu · 01-17-2006, 12:14 PM

Here's an interesting article that my friend sent me:

http://www.nytimes.com/2005/12/25/bu...109ad7&ei=5070

I currently live with my parents in a two family house and pay them rent. I was thinking about buying a while back but now, I have decided to just wait and see how the market plays out in this year.

**jhale** · 01-17-2006, 12:31 PM

I read that article. I just don't see that happening here, it's just a gut feeling though.
About the only recent time NY realestate took a real plunge was right after 9/11 and that was just the downtown area.

It would be nice if the price of a studio or one bedroom would not be more expensive than a large home somewhere else, but NY realestate is in it's own world it seems.

realhiphop; I think for a studio in most areas you might have to bump the cost up to $1500 from the $1200 in your budget

herman · 01-17-2006, 01:34 PM

One word: foreclosure
There are plenty of people who no longer can afford what they started. You get good deals.

realhiphop · 01-17-2006, 01:55 PM

How do you find places that have been foreclosed? I guess a studio is simply out of my reach right now. I've heard you can find studios in that range on the UES in the 70's but they are hard to find.

11-07-2005, 05:58 PM	#15
saucz Senior Member Join Date: Oct 2005 Location: Astoria Posts: 149 Reefer Ratings: (0) Friends: (0)	renovations are always a good thing. Unless you're doing major gut renovations, you should renovate according to your taste because a good sized apartment in a good location for a good price will sell no matter what. You can charge a bit more for the renovations but if it's just for the kitchen it won't be that influential. (Unless your kitchen is just that horrible). Like i said, you're living in it. Don't think too much about your home in aspects to the market. Think of the home in aspect to what you like. The market you cannot control. How happy you are about your home, you can. Last edited by saucz; 11-07-2005 at 06:01 PM.

01-17-2006, 12:31 PM	#18
jhale paper bags are fun! Join Date: Oct 2004 Location: G.V NYC Posts: 15,161 Reefer Ratings: (43) Friends: (32)	I read that article. I just don't see that happening here, it's just a gut feeling though. About the only recent time NY realestate took a real plunge was right after 9/11 and that was just the downtown area. It would be nice if the price of a studio or one bedroom would not be more expensive than a large home somewhere else, but NY realestate is in it's own world it seems. realhiphop; I think for a studio in most areas you might have to bump the cost up to $1500 from the $1200 in your budget __________________ FS: Aquamedic dosing pump, MH250 ballast, wavemaker

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11-07-2005, 05:35 PM	#11
saucz Senior Member Join Date: Oct 2005 Location: Astoria Posts: 149 Reefer Ratings: (0) Friends: (0)	As morrone said, Manhattan real estate will be more expensive per sq ft than anywhere in the US. Also, in Manhattan, your investment will always appreciate. Even if there is a drop in the market it will always pick itself back up. As far as when to buy, it all depends on 2 things. Is it a buyers market (where you have the power to negotiate the price as a buyer) and do you have cash to purchase the home straight out or not. If you have the cash to purchase the home straight out, you should definately buy when the interest rates are high and the prices are low (common sense). But it gets trickier if you plan on financing a majority of the home. (When an interest jumps up 2% it can mean the difference of a couple tens of thousands or dollars). This is when you have to consider things like how long you plan on keeping the home for, and what you think the market is going to be like for the duration of your ownage. But this is what I always tell my clients, are you more worried about this home as an investment or a place for your new memories and big events. So many people get caught up in this "bubble" and the "market" that most can't make up their mind and end up never purchasing always wondering whether they should have bought or not. But of course, people will always worry. and i would probably too... LOL

11-07-2005, 05:39 PM	#12
inkblue Muro Ami Captain Join Date: Sep 2005 Location: Williamsburgh, Brooklyn Posts: 7,767 Reefer Ratings: (86) Friends: (20)	...am Looking for a 2-bedRoom now, maybe in Tudor City [cross-finGers]

11-07-2005, 05:43 PM	#13
saucz Senior Member Join Date: Oct 2005 Location: Astoria Posts: 149 Reefer Ratings: (0) Friends: (0)	For all that are caught up in this idea of the bubble bursting and market crashing http://www.therealdeal.net/issues/NO...1130898441.php http://www.washingtonpost.com/wp-dyn...602255_pf.html just doin my best to clear things up for those in the market now....

11-07-2005, 05:54 PM	#14
Josh in the coral sea... Join Date: Nov 2002 Location: Union Square, NY Posts: 5,100 Reefer Ratings: (17) Friends: (13)	How does this affect renovations? I am in the process of planning a completely new kitchen (mostly for investment purposes, we rarely cook). Any ideas?

01-17-2006, 11:30 AM	#16
realhiphop Member Join Date: Mar 2003 Posts: 70 Reefer Ratings: (0) Friends: (0)	I just found this thread. I'm in the market to rent and I was curious if anyone knew what I should expect to pay for a rental in Gramercy/Murray Hill for a studio? What neighborhoods could I potentially pay $1200 for a studio?

01-17-2006, 12:14 PM	#17
suntzu Senior Member Join Date: May 2005 Location: Queens, NY Posts: 281 Reefer Ratings: (19) Friends: (0)	Here's an interesting article that my friend sent me: http://www.nytimes.com/2005/12/25/bu...109ad7&ei=5070 I currently live with my parents in a two family house and pay them rent. I was thinking about buying a while back but now, I have decided to just wait and see how the market plays out in this year.

01-17-2006, 01:55 PM	#20
realhiphop Member Join Date: Mar 2003 Posts: 70 Reefer Ratings: (0) Friends: (0)	How do you find places that have been foreclosed? I guess a studio is simply out of my reach right now. I've heard you can find studios in that range on the UES in the 70's but they are hard to find.