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Old 09-10-2018, 11:59 AM
 
Location: Confines of the 101 Precinct
19,152 posts, read 32,681,385 times
Reputation: 7578

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Quote:
Originally Posted by roseba View Post
I had a family member lose money on NYC real estate twice. But in the end, he's doing ok now. So I know that there can be housing depreciation, especially if you buy during a bubble, or into quickly gentrifying areas.

But I also look at appreciation as a way to provide security in old age, and then, something to give to ones offspring.
I can give the apartment to my offspring too

Do you check the value of your apartment since you bought? Is that something you monitor?
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Old 09-10-2018, 01:07 PM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
Quote:
Originally Posted by DawnStine View Post
Market rate rent in that area is $1550 minimum .

You don't even want to GUESS what market rents are for a doorman, high rise, elevator building at 93rd and Third.
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Old 09-10-2018, 01:19 PM
 
Location: Midtown
1,307 posts, read 747,036 times
Reputation: 915
Quote:
Originally Posted by Kefir King View Post
You don't even want to GUESS what market rents are for a doorman, high rise, elevator building at 93rd and Third.
I'm guessing change the first one to a three and we might be on the same page.
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Old 09-10-2018, 01:20 PM
 
1,573 posts, read 417,501 times
Reputation: 1053
Quote:
Originally Posted by Kefir King View Post
You don't even want to GUESS what market rents are for a doorman, high rise, elevator building at 93rd and Third.
Reminds me I need to buy my lottery tickets .
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Old 09-10-2018, 02:24 PM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
Quote:
Originally Posted by Hannah5555 View Post
Reminds me I need to buy my lottery tickets .

Thanks Hanna, Me too. Just the Mega-Millions for me.
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Old 09-10-2018, 02:35 PM
 
1,573 posts, read 417,501 times
Reputation: 1053
Quote:
Originally Posted by Kefir King View Post
Thanks Hanna, Me too. Just the Mega-Millions for me.
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Old 09-11-2018, 12:27 PM
 
76 posts, read 52,371 times
Reputation: 131
if you're planning on staying in the apartment long term and not moving or transferring within the building than yes, in my opinion it's absolutely worth it to make the renovations. i live in a ML and it's tempting to dream about equity and ruminate about potential sunken costs - but that's if you're looking at the place like an investment. If you're looking at it as a nice, stable home for you for the next 25+ years and even beyond, or a place for your future family, than its worth it for you to sink as much as you can afford into the place. we were lucky enough that we received our ML in decent condition and not much needed to be done besides appliances and painting, but we'll definitely be re-doing the bathroom as soon as we can.

the only way I'd hold out on sprucing up an ML is if I entered into the building with a studio and was eventually looking to (internal) transfer to a 1 bedroom or higher

For some reason I thought Concourse Village had privatized? glad to hear it hasn't
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Old 09-11-2018, 05:14 PM
 
3,333 posts, read 3,282,964 times
Reputation: 2834
Quote:
Originally Posted by roseba View Post
OP and Kefir King - I'm curious about what motivates you to live in a ML? I always found the lack of being able to build equity a turn off. Not to be impertinent, but if you can't do that, isn't it sort of like renting? What are the advantages other than a stable annual cost?
.???

Handouts. Many people like handouts.
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Old 09-11-2018, 05:33 PM
 
111 posts, read 74,726 times
Reputation: 84
If you are staying it is worth it. We got an ML apartment on the UWS last November. We are on the 2nd floor an eventually want to move to a higher floor. However, the kitchen was not even functional when we moved in. Nobody had done anything to this apartment since the 1960's with the exception of putting in cheap laminate flooring. Even though we are going to move to a higher floor eventually we don't know how long that will take, so we are renovating the kitchen. We are doing it as inexpensively as we can. The original was just unlivable. Even with the reno it is costing us less to live here than it did our apartment in Brooklyn. The maintenance is very low.This apartment has been the transitional apartment for the past 50 years. This is the only floor without a balcony so nobody wants to stay here. Therefore nothing was ever done to improve it.

There is a 3 bedroom next door to us they have been trying to find a cooperative buyer for. It is in such disrepair nobody wants it. You would have to sink in at least $30k or more to make it livable. It's a shame because these units are for people with a moderate income and to expect someone to be able to pay for the unit itself and then invest tens of thousands into renovating it is pretty ****ty. Everything in that place is in bad disrepair. I'll be surprised if they ever find a buyer.
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Old 09-11-2018, 05:39 PM
 
3,333 posts, read 3,282,964 times
Reputation: 2834
Quote:
Originally Posted by Trixie216 View Post
If you are staying it is worth it. We got an ML apartment on the UWS last November. We are on the 2nd floor an eventually want to move to a higher floor. However, the kitchen was not even functional when we moved in. Nobody had done anything to this apartment since the 1960's with the exception of putting in cheap laminate flooring. Even though we are going to move to a higher floor eventually we don't know how long that will take, so we are renovating the kitchen. We are doing it as inexpensively as we can. The original was just unlivable. Even with the reno it is costing us less to live here than it did our apartment in Brooklyn. The maintenance is very low.This apartment has been the transitional apartment for the past 50 years. This is the only floor without a balcony so nobody wants to stay here. Therefore nothing was ever done to improve it.

There is a 3 bedroom next door to us they have been trying to find a cooperative buyer for. It is in such disrepair nobody wants it. You would have to sink in at least $30k or more to make it livable. It's a shame because these units are for people with a moderate income and to expect someone to be able to pay for the unit itself and then invest tens of thousands into renovating it is pretty ****ty. Everything in that place is in bad disrepair. I'll be surprised if they ever find a buyer.
Lol what world are you living in where 30k in reno costs is a lot? Especially in NYC. People who. Aren't on government handouts have to fork over $100k+ just for downpayments.
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