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Old 07-09-2009, 02:14 PM
 
11 posts, read 16,445 times
Reputation: 12

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Just wondering if there are others similar to me where we make what appears to be decent living ($80s to $90s) to some people but living in NYC that is not enough to be able to save up.

I live in the Bronx pay less than $1000 in rent and have been trying to save up so I can finally buy but I'm not willing to buy a property and have to pay $2500 a month, even if my paycheck would allow it that would be the majority of my paycheck, how are people my age (late 20s) able to buy brownstones and apartments in the $400k range?!?!?!

I think I can only go as high as $200k since I only have $10000 in savings for the downpayment (and continually trying to save more every month)

So just wanted to know who else is in my shoes and what tips do you have on saving.

I'm not trying to buy in manhattan but I would like a nice part of Bronx or up and coming. And even w. that I don't have $20k saved up.
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Old 07-09-2009, 02:32 PM
 
Location: New York City
4,036 posts, read 8,156,497 times
Reputation: 3672
The people your age who are able to buy a $400k apartment: (a) make a lot more money; (b) are partnered/married with two incomes; (c) have help from their families. It's not a question of saving more. You have to increase your income to afford a $400k place.
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Old 07-09-2009, 02:39 PM
 
Location: LES & Brooklyn
846 posts, read 1,964,961 times
Reputation: 682
Thumbs down I wouldn't do it!!

I am in the same boat. My rent is less than $1000. My 1 bedroom is over 1000 sq ft. Yet my husband and I are looking for a 2 bedroom. Yeah we found some good deals for under 200k, (down payment is not a problem for us, we've been saving). Problem is, mortgage will run around $1,200 (Not a problem) But the maintanece fee on some coops are like $800 bucks.. what kind of mess is that. So basically we paying 2 rents. I refuse to do it!!!!!

***NOT TO MENTION THE SIZES OF 2 BEDROOMS ARE LIKE 750 - 950 SQ. FT.

So our outcome is to spend more money... for less space...

I THINK NOT!!!!!!!!!!!!!!!!
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Old 07-09-2009, 02:48 PM
 
11 posts, read 16,445 times
Reputation: 12
Thanks so much for your input Shaylove and tpk-nyc!!
Yeah i agree with you Shaylove the maintenance is crazy and then the square footage is not enough...I guess I'll keep saving and looking as I rent.

Shaylove - where have you and your husband been looking if you dont mind me asking? Are you using agent?
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Old 07-09-2009, 03:01 PM
 
Location: LES & Brooklyn
846 posts, read 1,964,961 times
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I am working with an agent. We are looking in Brooklyn (where I live now). I just see us a losing out in the long run if we move. My agent keeps offering me Kings Village. The price is cool but again the charges are crazy. I've been called 2 times for new developments thru HPD... the prices was great... but yet it was like 750 sq ft. I refuse. Now Im considering the Bronx.. the prices are cheaper & the maintance fees are reasonable, and the apts are bigger. Plus a lot include light & gas. I have found lots of 3 bedrooms in the Bronx for the price of a 2 bedroom in Brooklyn.
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Old 07-09-2009, 03:23 PM
 
Location: New York City
4,036 posts, read 8,156,497 times
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Quote:
Originally Posted by ShayLove View Post
But the maintanece fee on some coops are like $800 bucks.. what kind of mess is that. So basically we paying 2 rents. I refuse to do it!!!!!
Condos usually have cheaper maintenance than co-ops although co-ops are usually cheaper. This is because many/most co-ops have an additional mortgage on the building as a whole so you literally are paying two mortgages (and why a portion of co-op charges is deductible). The real sweetheart way to get a co-op is to get in while the building is converting. The sale price is rarely the full conversion price (hence the second mortgage) and you can make a profit if you sell.

Rental prices are going down faster than sale prices (because the market is much more liquid). It'll be a long time before owning will be comparable in cost to renting.

I personally believe prices have much further to go. In Manhattan, studios are now getting close to the price of a share. Once that happens, everyone who has a roommate will want to get a studio. Then the people who have leases on two bedrooms and need a roommate to pay the rent will be in a really tight spot. They will have to renegotiate the lease or move, which will send prices even lower.
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Old 07-09-2009, 05:08 PM
 
328 posts, read 743,794 times
Reputation: 195
Try Fordham Hill Oval. 2 bedrooms go for around $190,000 and it over 900 square feet. I'm not sure what the maintenance fees are. Mod cut: TOS violation

Last edited by Viralmd; 07-09-2009 at 05:21 PM.. Reason: Links to specific real estate sites not permitted.
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Old 07-09-2009, 05:39 PM
 
Location: Washington, DC & New York
10,608 posts, read 24,102,044 times
Reputation: 6385
Fordham Hill is an interesting complex, primarily because they do allow a large number of rentals, which many co-ops do not. Also, some of their price points are in league with better areas of The Bronx, not that it's bad within the gates, but the surrounding areas are not exactly calm.

One other way some people who don't make a high income can afford a townhouse or brownstowne is that they purchase a place with rental units, especially occupied rental units, since the bank will take into account those calculations when deciding upon a mortgage. In some cases, the mortgage is wiped out by the rental income, so the owner is then responsible for taxes and maintenance, which can be a good thing if you find a decent building and have good tenants whom you are comfortable managing. It's a bit more work, but it can have its benefits.
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Old 07-09-2009, 05:49 PM
 
508 posts, read 1,864,713 times
Reputation: 199
There are a lot more people than you think getting help from their parents who live out of town. And I don't just mean young people either. I know people in their 40s whose parents helped them pay rent in their 20s and 30s helped them to purchase homes in Manhattan/Brooklyn/Bronx when they were ready to get married and have children. It is a lot more common than you think and most people won't admit to it.

The suggestions people have made are really good. I have seen coops in the 100s in the Yankee Stadium Area, near Walton Avenue. Consider looking there as well.

Best of luck.
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Old 07-09-2009, 06:18 PM
 
Location: South Bronx
1,265 posts, read 1,979,483 times
Reputation: 1004
HPD holds lottories for first time homebuyers, you can check their website for updates on new developments. Also the Grand Concourse in the Bronx have Pre-War buildings that are converting to co-ops, I've heard the apartments are huge.
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