Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
unless "Selling New York" on HGTV is lying about their prices, 1.5mm can buy you a very nice, fancy, ultra modern 1bedroom condo.
and if you have no other expenses, 10k a month in extra spending is very extravagant. I can't even imagine eating $100 dinners everyday, would probably get sick of it. Pretty sure you can hire a chef for that well within budget. But OP should really just buy that castle since he's dreaming.
Really. 1.5 mill is nothing great in Manhattan - certainly nothing "very nice", its just going to be standard UES boxy, doorman, generic, fall -asleep blah. Look at Manhattan Realtors' listings.
Now 3 Mill + can get you a "very nice" apartment.
Of course "fancy" means different things to different people. A "sit-down" restaurant may be considered fancy by some
Last edited by bg7; 01-09-2012 at 11:16 AM..
Reason: typo
For $1.5M, you can find a decent 1BR in many Manhattan neighborhoods, but if you want something larger,
On a recent episode of SELLING NEW YORK, they featured a rather nice decent sized 2 bedroom at the corner of 78th and Second Ave with a modest view for 1.3M and if memory serves they lowered it to 1.1M.
Too rich for my blood but perhaps more representative than some of the realtor wish-lists that we keep hearing about might suggest.They often use Park Avenue, Chelesea, Fifth Ave and CPW and then extrapolate to the rest of Manhattan. I think when they speak of the immense AVERAGE price of apartments, if you check their list there's often a $10 million ZINGER in there making the quoted average just so much nonsense. Anyone quoting an average price should perhaps toss oiut the top 10% and the bottom 10%...or better, just quote a MEDIAN price.
I think anyone who cannot find a great one bedroom in Manhattan in a fine neighborhood for WELL under a million just isn't looking.
On a recent episode of SELLING NEW YORK, they featured a rather nice decent sized 2 bedroom at the corner of 78th and Second Ave with a modest view for 1.3M and if memory serves they lowered it to 1.1M.
Too rich for my blood but perhaps more representative than some of the realtor wish-lists that we keep hearing about might suggest.They often use Park Avenue, Chelesea, Fifth Ave and CPW and then extrapolate to the rest of Manhattan. I think when they speak of the immense AVERAGE price of apartments, if you check their list there's often a $10 million ZINGER in there making the quoted average just so much nonsense. Anyone quoting an average price should perhaps toss oiut the top 10% and the bottom 10%...or better, just quote a MEDIAN price.
I think anyone who cannot find a great one bedroom in Manhattan in a fine neighborhood for WELL under a million just isn't looking.
The tough thing about these "affordable" buildings is the often very high maintenance.
I find that as long as they don't expect anyone ever to PAY $100,000 a month, they can ASK anything, might as well be $2 million a month.
But hey, if that's what it take to get into the Wall Street Journal, why not ASK.
When I read that anyone actually RENTED that place for $100,000 then and only then I will be startled.
Like the old joke:
Mrs. Jones: My goodness, these apples are awfully expensive at $1 a pound...the grocer down the block only charges $.50.
Grocer: So why don't you but them down the block?
Mrs. Jones: They are all out of apples.
Grocer: Oh, when I am all out of apples I only charge $.19.
My point being, if you don't expect to rent a place, then the price has no meaning. In reality, the article is a fluff piece by real estate developers or brokers designed to induce someone into paying $8000 a month in SOHO and think he is gettting a bargain.
Let's take a look at the buy/rent ratio. It's currently about 31 in NYC according to Trulia 2011 Q1, super high. Thus the $100,000/mo. rent if realistic should command a selling price of $37 Million for the rent to make sense. Seems more than a bit too high, preposterous even, even WITH an indoor pool. Trulia estimated Q2 ratio to be 39, and thus the house would sell for $47 MILLION. <rolly eyes>
Real estate articles in newspapers are very often a lot funnier than the comics.
Last edited by Kefir King; 01-14-2012 at 07:07 AM..
This may have already been said but, even always being on the 3 most expensive cities in the country, $200K will still get you a very nice life in NYC.
At $200K you won't have to shortsell much of anything. Most of the best rental properties in Manhattan are around the $6000 - $7000/mo range. That leaves between the other $128K - $116 to divide between food and utilities. So... yea, yer good
Granted, rental prices are -High- in NYC but food utilities are not that much higher than the rest of the country, since most of the rest of the country is in far worse economic shape than NYC.
(edit) oops...I failed to account for a family; if you have more than 2 kids (or 1 kid and an invalid older family member), even at $200K you're gonna have to pinch pennies in quite a few areas...
As people mentioned $200K doesn't get you to be a socialite in NYC.
Now take that $200K to a place like San Diego or parts of SoFla and you'll be in paradise!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
