Need help for my mom... (New York, Newark: moving, office, places)

[mead]

There really aren't single family homes in Manhattan. I mean I think I've seen a couple up in Inwood but thats about it (you don't want your mom to live in Inwood in all likelihood).

There are townhouses/brownstones available in Manhattan and trendy areas of North Brooklyn, but they all cost millions of dollars.

For half a million to 3/4 of a million you can find regular single family homes in the city but they are generally in working class/middle class neighborhoods like Southern Brooklyn or Northeast Queens.

[jessemh431]

well i didn't mean a full single family home, but maybe instead of 800sq ft she could get 1000 sq ft in the uppers

[Viralmd]

What do you mean by 'uppers,' please?

[Elvira Black]

Also, has your mom expressed her preferences specifically? If she wants to live in NYC--and especially Manhattan--she will likely live in a high rise or in an apartment in a brownstone building. Brooklyn has many more old brownstones, though the Upper West Side of Manhattan has quite a few.

1000 square feet in Manhattan will be even pricier, as that's considered "huge"..whereas in some of the other boroughs it will be cheaper. Any idea of what she is actually prepared to spend, whether she wants to rent or buy, etc? That will determine a lot in terms of what she has to choose from, and how many of the things she prefers she can afford.

It's good that you're researching so early, though, since there's definitely a lot to research and consider. Have you or your mom been here previously? If not, a visit might be a good idea too.

[jessemh431]

yes. we've both been there before. she wants to live in Manhattan b/c that's the most walkable part of NYC and where most of her business is. she would also consider areas around Englewood Cliffs, NJ since one of her magazine company's offices is located there.

by uppers, i meant upper-west or upper-east side.

she doesn't really care if she lives in a high rise or brownstone/low rise/midrise, but if she could get a larger area for the same price in a low rise, she would rather do that in either upper-west or upper-east side. if it is the same price or more expensive, she would rather be in Manhattan.

i don't know about any of the taxes or stuff like that in NYC...i don't even know them in LA since i'm not even in college yet, so i'm not sure how much she could go per month. does anyone else make 100k+ per year on this site? if so, how much do you spend on rent and do you consider your life enjoyable or are you a workaholic since you pay too much for rent.

[Viralmd]

She'll be able to buy a small apartment with what you're saying she'll have from the home sale.

And for most jobs, working longer doesn't pay you more, at least at the level where you're making ~100K/year. So being a workaholic has nothing to do with taxes.

There's Federal, NY State and NY City tax. The city tax isn't huge, just annoying. Income taxes in NJ and NY are generally about the same. And in the area around NYC, there's not much difference between NJ and NY real estate taxes. While NJ residents say their real estate taxes are exhorbitant, they're about the same on LI and in Westchester.

[Elvira Black]

Do homeowner's deductions make up for all/most of the taxes NY'ers lay out?

PS--Aren't property taxes etc huge in LA? Anyone?

I'd venture a guess that In Englewood Cliffs she'd get more space and quality for her money and her transit options are probably pretty decent. If you could swim across the Hudson, you'd be in Manhattan. Too bad we don't have canals like in Venice--though I know there's some Jersey ferries etc.

I think I'll get on the horn with Mr. Bloomberg (or as I like to call him, B-Burg, my homie) and run that canal thing up the flagpole and see if it'll fly.

Is your mom researching at this point too?

[jessemh431]

i dont think she wants to buy, but what is the normal price per month for a large studio a small 1 bed in a good area of manhattan or NJ?

[Elvira Black]

I think I gave a guesstimate for the apt earlier in this thread. Hoboken, NJ is very nice, and very close to Manhattan. Don't know much about Englewood Cliffs. You'd just have to go to the NY Times online real estate section and see for yourself. Simple as pie.

However, if she has the money to do it, it would be very wise to buy. Real estate has been appreciating in value astronomically here (and those mansions in LA don't come cheap either), and she would likely profit from it immensely. It's a smart financial move for someone in her tax bracket--unless she doesn't want to stay here long. But even then, it would be smart, almost certainly. You are literally throwing your money away when you rent here, and you could walk away with a lot of money if you sell later--especially in an area that is already fully gentrified. Not a 100 percent guarantee, but what is? .

I'm assuming, for example, that you don't rent in LA--or didn't before the separation? Well, it's like that.

[jessemh431]

so i was searching some properties on realtor.com, and was wondering about NJ. are JC, Hoboken, and Englwood Cliffs good area. Those are the only areas in NJ that i have heard of, so does anyone else have any suggestions.