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Old 09-30-2007, 08:57 PM
 
Location: Queens
841 posts, read 3,071,150 times
Reputation: 238
I would never buy property in the NY metro area. Real Estate prices are unbelievable. it is illogical to buy property, especially now. Wait a good 5-7 years. See what the market is like then. I would like to say 3 yrs but i doubt there would be significant change. To be honest, I dont think the real estate market will ever decline
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Old 09-30-2007, 09:10 PM
 
2,541 posts, read 7,667,875 times
Reputation: 882
I do not think you will need to break even with your house, florida is hot, enough people want to move there especially from here.

Try philly, it is cheaper, and close enough. Have you ever thought about Montreal? It is a really nice city, with plenty of culture, and art. You can take weekend trips back to NYC.
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Old 09-30-2007, 09:11 PM
 
1,536 posts, read 197,422 times
Reputation: -80
Quote:
Originally Posted by BXGEAR View Post
I would never buy property in the NY metro area. Real Estate prices are unbelievable. it is illogical to buy property, especially now. Wait a good 5-7 years. See what the market is like then. I would like to say 3 yrs but i doubt there would be significant change. To be honest, I dont think the real estate market will ever decline
Even in NYC the bubble will eventually burst. This will lead to falling property values and disinvestment in undesireable areas as desireable areas become more affordable. Another cycle.

If it does only stabilize NYC will eventualy be a city of wealthy and poor. Sometimes I feel as though America is headed into this direction.

The boat sailed away along time ago and many people just do not want to accept that.
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Old 09-30-2007, 10:05 PM
 
Location: Land of 10000 Lakes + some
2,885 posts, read 143,992 times
Reputation: 346
ave you ever thought about Montreal? It is a really nice city,

You can buy real estate in Montreal but will be able to spend only 6 months at a time there because of immigration laws unless you bring a ton of money into the country.
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Old 09-30-2007, 10:08 PM
 
6,996 posts, read 11,552,492 times
Reputation: 4020
just wondering why you were able to buy at 225K in Florida but couldn't afford to live here in ny. There are plenty of 200K coops (granted, these are usually one bedroom apartments and not 3 bedroom houses). Is is because of the down payment required by coops and having to pass the board? In that case, I understand that a house -- where you could probably get a mortgage for the entire thing, put no money down and not have to pass a board-- would be easier to attain.

You might want to take a look at the ny times real estate section online today. There is a long article about where you can buy for under 200K in the boroughs.

Since you are single, you don't really need more than a one-bedroom, and you don't need a car. Maybe if you hate it so much there and love it so much here, you should reconsider what compromises you need to make in order to have things work out in terms of housing costs.
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Old 10-01-2007, 04:16 AM
 
Location: San Diego native.
470 posts, read 1,156,639 times
Reputation: 103
I've been in your situation before. By not moving to the place you really want to be, it will torment you endlessly. What about hanging on to your house in FL, having your mortgage as a write off, and renting in the area of NYC you really want to live in? Could you rent out your home in FL without a loss?

IMHO, timing in the real estate market is cyclical. The timing may be right again. Good luck to you. I understand your longing.
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Old 10-01-2007, 07:22 AM
 
1,301 posts, read 1,905,786 times
Reputation: 708
Quote:
Originally Posted by NJ Chutzpah View Post
Have you ever thought about Montreal? It is a really nice city, with plenty of culture, and art. You can take weekend trips back to NYC.
It's a 7 to 8 hr drive to NYC from Montreal. It's possible to do that on the weekend I guess, but pretty tiring. Even if you get some kind of work permit, you really have to know how to speak French to have any kind of real job.
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Old 10-01-2007, 07:28 AM
 
Location: Orlando Florida
63 posts, read 147,482 times
Reputation: 19
Default montreal

Quote:
Originally Posted by yodel View Post
It's a 7 to 8 hr drive to NYC from Montreal. It's possible to do that on the weekend I guess, but pretty tiring. Even if you get some kind of work permit, you really have to know how to speak French to have any kind of real job.
I want to visit montreal but don't think I'd want to live there bc of the fierce cold. I was considering chicago, but the winters are severe!
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Old 10-01-2007, 07:34 AM
 
Location: Orlando Florida
63 posts, read 147,482 times
Reputation: 19
Smile florida house

Quote:
Originally Posted by Suzer View Post
I've been in your situation before. By not moving to the place you really want to be, it will torment you endlessly. What about hanging on to your house in FL, having your mortgage as a write off, and renting in the area of NYC you really want to live in? Could you rent out your home in FL without a loss?

IMHO, timing in the real estate market is cyclical. The timing may be right again. Good luck to you. I understand your longing.
thank you suzer,

Unfortunately the mortgage on my house is too high for the rent to cover it. It wouldn't be worth it to lose money every month on a house that isn't appreciating and won't be for years. And then I'd have to worry about tenants trashing the new wood floors I put down!

But maybe I should look into nyc again. If I do move back, I just have to cut my losses and deal with the fact that I will be paying a lot of money for a little.

I almost wish I grew up in a less exciting city. I am completely ruined for any other place!
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Old 10-01-2007, 07:40 AM
 
Location: Orlando Florida
63 posts, read 147,482 times
Reputation: 19
Default Price

Quote:
Originally Posted by Henna View Post
just wondering why you were able to buy at 225K in Florida but couldn't afford to live here in ny. There are plenty of 200K coops (granted, these are usually one bedroom apartments and not 3 bedroom houses). Is is because of the down payment required by coops and having to pass the board? In that case, I understand that a house -- where you could probably get a mortgage for the entire thing, put no money down and not have to pass a board-- would be easier to attain.

You might want to take a look at the ny times real estate section online today. There is a long article about where you can buy for under 200K in the boroughs.

Since you are single, you don't really need more than a one-bedroom, and you don't need a car. Maybe if you hate it so much there and love it so much here, you should reconsider what compromises you need to make in order to have things work out in terms of housing costs.
I could afford something under $225k but wanted to stay in a desireable neighborhood of brooklyn (like park slope, boreum hill, cobble hill, ect. I didn't see anything for less than $400 or so. also didn't want to pay a huge maintenance fee in addition to the mortgage. but there is a maintenance fee in any condo situation —even down in in florida. I will still be coming out of this house situation with at least $40k from the sale.
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