Moving to NYC in late April-thoughts? (Ridge, Hope: real estate, sublet, 2010)

[latikeriii]

Hello,
My wife is originally from about an hour and a half from the city so we've been planning to move to NYC for 3 years now. We both have stable emmployment but are not happy here in Austin, TX because we are truly big city people(I'm from Chicago). Enough ranting, ok here is our situation.

-i'm moving alone at the end of April to try to find a job. My company will let me work remotely in NYC until I find a job there.
-my wife is completing her CPA and will join me in July.
-we both will have income, she'll still be working in Austin, and i'll be working remotely for a couple of months until I find something in NYC.
-i'm going in late Feb for 4 days to sign a lease, hopefully find an apartment. We will look for a one-bd unit, our income now is about 105 K which isn't much by NYC standards.
-both have great credit, and over 25K in savings and no car payments.
-We are looking at Jersey City or Hoboken but are shocked at how Manhattan's prices are declining(ex: 1 BD unit, hells kitchen $1,600, 700 sq ft, nice place)

what do u think about this plan? We are DEFINITELY moving even the economy sucks but we'd rather be happy in NYC. My wife will be a CPA so I take that being an accountant should be too hard to find a job. I work with housing and compliance but am really specialized. Everyone says that finding a job will be tough but do you expect us to find a job in 3 months or less? Any suggestions or pointers?


Sorry about the long post, thanks.

[Viralmd]

Unfortunately, things are tough everywhere, CPAs included. With the collapse of Lehman and Bear Sterns there are lots of people in the financial sector out of work and looking hard for something to bring in an income. I wish I could encourage you in this, but your cost of living in NYC is going to be a multiple of your costs in Austin.

Don't believe everything you see in Craigslist regarding real estate. A lot of that is bait-and-switch. Check the NY Times real estate section for its search engine.

Best of luck to you.

[Moderate Guy]

Originally Posted by latikeriii

Hello,
My wife is originally from about an hour and a half from the city so we've been planning to move to NYC for 3 years now. We both have stable emmployment but are not happy here in Austin, TX because we are truly big city people(I'm from Chicago). Enough ranting, ok here is our situation.

-i'm moving alone at the end of April to try to find a job. My company will let me work remotely in NYC until I find a job there.
-my wife is completing her CPA and will join me in July.
-we both will have income, she'll still be working in Austin, and i'll be working remotely for a couple of months until I find something in NYC.
-i'm going in late Feb for 4 days to sign a lease, hopefully find an apartment. We will look for a one-bd unit, our income now is about 105 K which isn't much by NYC standards.
-both have great credit, and over 25K in savings and no car payments.
-We are looking at Jersey City or Hoboken but are shocked at how Manhattan's prices are declining(ex: 1 BD unit, hells kitchen $1,600, 700 sq ft, nice place)

what do u think about this plan? We are DEFINITELY moving even the economy sucks but we'd rather be happy in NYC. My wife will be a CPA so I take that being an accountant should be too hard to find a job. I work with housing and compliance but am really specialized. Everyone says that finding a job will be tough but do you expect us to find a job in 3 months or less? Any suggestions or pointers?


Sorry about the long post, thanks.

1. Rents on the decline in NYC? News to me as a longtime resident. Quite the contrary, I see it on the rise.

2. Easy to get accounting jobs? As an accountant, adjunct instructor, professional writer, I haven't seen a worse job market in all three fields in my lifetime.

Sorry, but better to know up front and not be disillusioned later.

[latikeriii]

Thanks,

I know what you both are saying, we are fully prepared. We don't want anyone to beat around the bush. By looking at rent prices compared to 6 months ago, it appears that the prices are declining but maybe not. I'm not sure about the purchasing market but the rental market seems to be going down, not nessisarily Craigs list but on actual property Management's websites.
We both know that this Market is the worse its been since the depression but we are totally prepared to move. Its not like we're moving with no money, and we are not naive. We do know NYC and won't have sticker shock because we are aware of the cost of living. Things will get better.....its just a matter of when.
thx

[Henna]

I don't think your plan is that great for the time we're in. But I think you could modify your plan pretty easily to make it work.

First of all, your plan to come in Feb. to sign a lease that starts in April is unrealistic. It's not how things work here generally. Usually if you want a lease to start in April, you come in mid-March to sign for April 1.

So I don't think you should come in Feb. at all. I think you could come alone in April and instead of trying to find a lease on a new apartment, get a 4-month furnished sublet. Then start looking for the job. Hopefully you get the new job and you can then start to look for a regular lease on an apt where your wife can join you. When you get the apartment lease, you look in a price range that assumes ONLY you are working, so you qualify on your income alone. This may mean you have to look in a lower price range, like a $1300 one bedroom, which can easily be done in areas like Kew Gardens and Bay Ridge.

Then your wife joins you and you both move into the apartment that you can afford on your income alone and she begins looking for a job.

If you can't find a job in the 4 months while you are subletting, then you move back to Austin and save your big move to NYC for another time when job situation is better here.

This is the total risk-averse way of doing it, but I think that's what's called upon in this crazy state of the economy.

And btw, I have also heard that rents are going down. But not in all price ranges, and not in all areas. In areas where rents were already reasonable, the rents will be going up a little every year. And what ViralMD said about craigslist bait and switch is very true. I've heard that over and over and over. You call for the great deal you saw on craigslist and that great deal is gone but "we have another one in a different neighborhood for a slightly higher price..."

[Moderate Guy]

Originally Posted by Henna

I don't think your plan is that great for the time we're in. But I think you could modify your plan pretty easily to make it work.

First of all, your plan to come in Feb. to sign a lease that starts in April is unrealistic. It's not how things work here generally. Usually if you want a lease to start in April, you come in mid-March to sign for April 1.

So I don't think you should come in Feb. at all. I think you could come alone in April and instead of trying to find a lease on a new apartment, get a 4-month furnished sublet. Then start looking for the job. Hopefully you get the new job and you can then start to look for a regular lease on an apt where your wife can join you. When you get the apartment lease, you look in a price range that assumes ONLY you are working, so you qualify on your income alone. This may mean you have to look in a lower price range, like a $1300 one bedroom, which can easily be done in areas like Kew Gardens and Bay Ridge.

Then your wife joins you and you both move into the apartment that you can afford on your income alone and she begins looking for a job.

If you can't find a job in the 4 months while you are subletting, then you move back to Austin and save your big move to NYC for another time when job situation is better here.

This is the total risk-averse way of doing it, but I think that's what's called upon in this crazy state of the economy.

And btw, I have also heard that rents are going down. But not in all price ranges, and not in all areas. In areas where rents were already reasonable, the rents will be going up a little every year. And what ViralMD said about craigslist bait and switch is very true. I've heard that over and over and over. You call for the great deal you saw on craigslist and that great deal is gone but "we have another one in a different neighborhood for a slightly higher price..."

Priceless advice! Worth every dime.

[latikeriii]

Originally Posted by Henna

I don't think your plan is that great for the time we're in. But I think you could modify your plan pretty easily to make it work.

First of all, your plan to come in Feb. to sign a lease that starts in April is unrealistic. It's not how things work here generally. Usually if you want a lease to start in April, you come in mid-March to sign for April 1.

So I don't think you should come in Feb. at all. I think you could come alone in April and instead of trying to find a lease on a new apartment, get a 4-month furnished sublet. Then start looking for the job. Hopefully you get the new job and you can then start to look for a regular lease on an apt where your wife can join you. When you get the apartment lease, you look in a price range that assumes ONLY you are working, so you qualify on your income alone. This may mean you have to look in a lower price range, like a $1300 one bedroom, which can easily be done in areas like Kew Gardens and Bay Ridge.

Then your wife joins you and you both move into the apartment that you can afford on your income alone and she begins looking for a job.

If you can't find a job in the 4 months while you are subletting, then you move back to Austin and save your big move to NYC for another time when job situation is better here.

This is the total risk-averse way of doing it, but I think that's what's called upon in this crazy state of the economy.

And btw, I have also heard that rents are going down. But not in all price ranges, and not in all areas. In areas where rents were already reasonable, the rents will be going up a little every year. And what ViralMD said about craigslist bait and switch is very true. I've heard that over and over and over. You call for the great deal you saw on craigslist and that great deal is gone but "we have another one in a different neighborhood for a slightly higher price..."

Thanks. I understand what you are saying. The reason why I wanted to come in February is because i'm looking at apartment complexes in Jersey City and Hoboken that are nationally managed(Gables, Equity,etc) and require their tenants to submit 60-day notices to vacate therefore, I would have to sign a lease 60 days before I move to the area to secure an apt. I don't plan on moving to Manhattan right off the bat. Where would one find a 4-month sublet anyways? Fill me in on that one, that may be a good idea. However, our lease is up in April and my wife will be moving in with friends so we need to bring our furniture here (my friend works for a moving company and it'll cost me $300, less than storage but more of a hassle). This leads to another issue, my wife will only pay for food and utilties at her friend's place so she will supplement me here with her income. That way, where ever I lease, we will have income coming in from both of us(i'll work remotely for 3 months). I just worry that my wife is soooo picky and have high expectations that she may want to lease an expensive apt, she needs a reality check. Anyways, thanks for the reply, if we can't find a job within 6 months(god forbid), then we will simply move to another city. Luckily, we have the cash reserves for at least a year but don't want to dip into that.
This is a HUGE RISK at this time but we've really thought about it and are aware of the huge obstacles. This is our goal, friends/family think we are stupid, but we are not happy here and need to do this.

[Coolhand68]

I'd take Hoboken over Jersey City any day. Nice views of the city and safer. In summer they have nice street festivals and if you happen to land a job in Jersey as opposed to Manhattan, you're already there. Either that or you can look at Long Island City or Astoria as nice options. Plenty of on street shopping in Astoria, it's a good walking neighborhood with lot's of conveniences.

[cmw2133]

Originally Posted by Henna

I don't think your plan is that great for the time we're in. But I think you could modify your plan pretty easily to make it work.

First of all, your plan to come in Feb. to sign a lease that starts in April is unrealistic. It's not how things work here generally. Usually if you want a lease to start in April, you come in mid-March to sign for April 1.

So I don't think you should come in Feb. at all. I think you could come alone in April and instead of trying to find a lease on a new apartment, get a 4-month furnished sublet. Then start looking for the job. Hopefully you get the new job and you can then start to look for a regular lease on an apt where your wife can join you. When you get the apartment lease, you look in a price range that assumes ONLY you are working, so you qualify on your income alone. This may mean you have to look in a lower price range, like a $1300 one bedroom, which can easily be done in areas like Kew Gardens and Bay Ridge.

Then your wife joins you and you both move into the apartment that you can afford on your income alone and she begins looking for a job.

If you can't find a job in the 4 months while you are subletting, then you move back to Austin and save your big move to NYC for another time when job situation is better here.

This is the total risk-averse way of doing it, but I think that's what's called upon in this crazy state of the economy.

And btw, I have also heard that rents are going down. But not in all price ranges, and not in all areas. In areas where rents were already reasonable, the rents will be going up a little every year. And what ViralMD said about craigslist bait and switch is very true. I've heard that over and over and over. You call for the great deal you saw on craigslist and that great deal is gone but "we have another one in a different neighborhood for a slightly higher price..."

+1. To the OP, I strongly suggest delaying the move until the job market improves (who knows when that might be? Late 2009? 2010?). Right now, no matter what anyone else tries to tell you, NYC is getting hammered and unless you have connections, I could easily see you looking earnestly for a job for 4 months to no avail and it would be unfortunate to waste several thousand dollars that you could have been saving otherwise.

You might not be happy in TX, but introducing job and financial issues will put a real strain on your marriage, and I can't think of anything more frustrating than sending resume after resume and getting rejection after rejection. I would recommend you absolutely delay this move until the job market recovers or you can secure a position in NYC prior to moving there.

[LynnePatrice]

I have to agree with those who are telling you to delay this move.

There are so many unemployed NY'ers out there right now and I have to say, someone with experience at a NY based company may in fact have the edge over someone moving from Texas.

What's the rush? I hear the economy and job situation in Texas isn't too bad at all.

If you are in fact stuck on coming, you can live in Hoboken (if you like paying near NYC prices and living in a frat boy environment) or JC is also fine. There are many safe beautiful water front or downtown apartment complexes in JC that are safe.