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Old 08-31-2009, 06:45 AM
 
2 posts, read 7,022 times
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Default weekend only living

Hello All

I am a young professional in my mid 20s, living on Long Island. I've been thinking about purchasing a small apartment in NYC. I would usually only use it on the weekends, as during the week I stay on LI. As an alternative, I was looking to try and find some weekend only / fractional condos, or hotel condos; but there doesn't seem to be much info about them on the web. Does anyone have any experience with these types of apartments? Budget is not huge, will be around $300-500 K.


My only other thought is maybe buy a larger place, and then see if I can sublet during the week.

EDIT: I'd like to be in Manhattan.


Thanks for any help.

Last edited by LIBoating83; 08-31-2009 at 06:57 AM..
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Old 08-31-2009, 07:10 AM
 
1,111 posts, read 2,935,134 times
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Why not just save your $300-$500K and commute back and forth to LI? Not sure what the goal of spending $500K on a weekend apt is - are you looking for a place to crash after partying? Or a investment property? If your looking for investment, then your going to need to rent it out completely, and not only a weekdays.

Unless your rich, I don't see the point of having a place to crach for the weekend. And if your rich, then I'm assuming "budget" is not a word in your vocabulary.
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Old 08-31-2009, 07:31 AM
 
2 posts, read 7,022 times
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Quote:
Originally Posted by danameless View Post
Why not just save your $300-$500K and commute back and forth to LI? Not sure what the goal of spending $500K on a weekend apt is - are you looking for a place to crash after partying? Or a investment property? If your looking for investment, then your going to need to rent it out completely, and not only a weekdays.

Unless your rich, I don't see the point of having a place to crach for the weekend. And if your rich, then I'm assuming "budget" is not a word in your vocabulary.
Thanks for your comment. Well, in my mind real estate is never really a waste of money. Yes, I could see at somepoint it becoming an investment property. I'm not rich, but I have enough money to buy a second place.

In regards to my reasons why, it's mostly because I love the city and would love to live there. However because of my current job, I cannot live there full time. Many people first live in the city and then get the vacation home in the country. I'm kinda doing it in reverse! (if you can call LI the country).
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Old 08-31-2009, 08:02 AM
 
Location: NY,NY
2,901 posts, read 4,503,733 times
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Quote:
Originally Posted by danameless View Post
Why not just save your $300-$500K and commute back and forth to LI? Not sure what the goal of spending $500K on a weekend apt is - are you looking for a place to crash after partying? Or a investment property? If your looking for investment, then your going to need to rent it out completely, and not only a weekdays.

Unless your rich, I don't see the point of having a place to crach for the weekend. And if your rich, then I'm assuming "budget" is not a word in your vocabulary.
Many NYers have more than one home in the area. Many people who say, party in Manhattan keep an apartment to crash afterward---rather than drive or make the commute back to the suburbs. Many like a place near the work/business in the city and do the weekends at their suburban or country place. Not unusual at all. I've know people to have more than one apartment in the city. One uptown, one downtown, one east side, one west side. Some are rich, other simply choose to afford what they choose.

----------

OP, never heard of what your asking existing in the city. Might be a better idea to query a broker.

Or, how about just finding a share---it would, financially, appear that you could find a really great share in a really great building.

Or, you could purchase an apartment, then rent/share it out. Probably could find someone the opposite of yourself---wanting a place just for the work week, and won't need to use it on the weekends.

In NYC, the possibilities are endless.

Luck!
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Old 08-31-2009, 08:22 AM
 
Location: New York City
3,992 posts, read 4,965,657 times
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The real estate term is pied a terre. The problem is that many (most?) co-op boards discourage such arrangements. (See: What is a Pied-a-Terre? €” Manhattan Real Estate: New York City Real Estate Tips)

There are roommate shares, on Cragislist for example, that are specifically looking for part time/weekend only arrangements. They're usually in nice buildings.
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Old 08-31-2009, 08:36 AM
 
7,081 posts, read 24,174,349 times
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No Co-op board would allow this, but condos do. And there are time-shares in NYC. You just have to search for them.
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Old 08-31-2009, 09:19 AM
 
Location: NY,NY
2,901 posts, read 4,503,733 times
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Aren't the timeshares more for vacationers, not exactly suitable for the OP's weekly needs?

What about residential hotels? Are there many of those left, not bent toward the super rich?
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Old 08-31-2009, 02:11 PM
 
2,312 posts, read 4,684,200 times
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Yes, a condo is the way to go. Plenty of people do this, not strange at all. It actually seems like heaven to me!
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Old 08-31-2009, 03:27 PM
 
Location: Live in NY State, (sometimes) work in CT
6,525 posts, read 8,013,849 times
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If you are a member of a "Club" (commonly associated with the Ivy League like Cornell or Princeton Club.....but I think you can join for an extra fee without being an alumnus....there's also I believe a thing called Union Club that has reciprocal arrangements with them), you may for a fee be able to rent a Manhattan room on their grounds on a weekend only basis.
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