U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 05-07-2007, 08:53 AM
 
Location: Louisville, Kentucky
1,447 posts, read 2,947,989 times
Reputation: 805
Default Retire to NYC - am I crazy?

OK, my wife wants you guys to talk me out of this, but I am considering retiring to NYC in 5 years. We love the city and would want to be in the thick of it. Anywhere around Central Park or below, so cross off Harlem, the Bronx, New Jersey, etc. Would love some insight on living in Hell's Kitchen/Clinton, Chelsea, Tribeca, Gramercy, etc.

We will net out about $450,000 from the sale of our home and according to the realtor web sites, that would get us a plain but nice one-bedroom condo in NYC. So other than any maintenance fee, our housing costs would be zero. Then wed have about $3,500 a month from IRA and Social Security. Fortunately, we dont have any expensive hobbies like skiing or racing yachts. Just want to be able to explore Manhattan, eat out at a nice restaurant once a month, a Broadway show once or twice a year, and so on.

She thinks moving from a house with 7 acres in to a condo in a city will be too much of a culture shock. We are planning on accumulating a lot of vacation time and then renting a condo for a full month to see how we handle it.

So talk me in to or out of this!
Reply With Quote Quick reply to this message

 
Old 05-07-2007, 09:02 AM
 
Location: Bronx, NY
7,776 posts, read 13,214,273 times
Reputation: 2317
The only thing is when the weather gets bad, you might pine to be elsewhere. Do you have a vacation home?

The winters here can be very mild but when they are bad they are really bad, plus they force you indoors. So the going out, walks in the parks, all that is dead.

The summers in NYC can be horrible, especially mid to late summer. The humidity can be very tough to deal with.
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 09:27 AM
 
Location: Warwick, NY
1,172 posts, read 4,270,535 times
Reputation: 896
Also, watch the taxes and maintenance fees. NYC has its own income tax along with the state. The sales tax is 8.38%. Condo maintenance fees can be killer too, ranging from the high hundreds to a few thousand a month. Beware, ConEd has some of the highest utility rates in the country.

$3500 a month won't get you terribly far in Manhattan but it can be done if you live frugally. It's not easy though. Manhattan exists to make money so it can spend money. Shopping and dining out can be very tempting and wreck your budget quickly. My sister has a rent controlled one bedroom apartment on 97th, paying $880 a month (I know, I know), and she went to school full time and lived on the same money you did, but she just had rent, groceries, phone, and a transit card as regular expenses. It wasn't easy but then her income wasn't tax-protected.

I think trying it out is a fantastic idea. The areas you're considering are quite nice. My cousin in Hell's Kitchen (only realtors call it Clinton) loves it, but suggests a fairly high floor as the smog and noise can be oppressive due to the high traffic.

Ditto on the summers. If you have any health issues be sure you can take the heat because all that concrete acts as one giant heat sink. While it tempers the winters, it makes Manhattan an oven for at least a few weeks every summer. You'll want to head someplace else.

Winters are rarely harsh but at times the temperature drops into the teens and the moisture-laden wind just gets funneled through the canyon-like streets. Again, winters are more bearable. Autumn is, by far, the best season in the city.

Last edited by Jason_Els; 05-07-2007 at 10:10 AM..
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 09:30 AM
 
7,081 posts, read 23,915,559 times
Reputation: 3626
I think in five years (and, to some extent, even now) your budget for a home is low-balling it. Especially some place like Grammercy Park. And your housing costs are NOT zero: there are utilities to pay, you have holiday gifts to staff (this is NOT insignificant!), cable TV, telephone, etc. Food is FAR more expensive here than elsewhere (my parents have a country home outside the city and get all their groceries there, rather than in Manhattan). And you might want to ditch your car, too, because parking is an issue. You don't need a car, either. You could spend every weekday finding the right spot so you wouldn't have to move it to the other side of the street at 8 AM the next day. That is, unless you put it in a garage at $400 +/month. And that doesn't count gas and insurance. It's not 'economical' to live in Manhattan.

I should also add that closing costs and flip taxes need to be factored into the mix, as well.

You pay income taxes on all that IRA and SS money, too, unless it's in a tax-free situation. And you have Federal, state and CITY tax to pay.

I do NOT agree that winter walks in the park are a no-go. Dress for the weather and you're fine. We have cold winters, and hot, humid summers. It's not AWFUL, but it's not, say California-type weather. I actually LIKE having four distinct seasons.

JMHO, having been born and raised and now living in Manhattan.

Last edited by Viralmd; 05-07-2007 at 09:45 AM..
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 09:54 AM
 
Location: Warwick, NY
1,172 posts, read 4,270,535 times
Reputation: 896
Agreed. The key to Gramercy is literally a key to the private, residents-only park in the heart of the area. Housing with key rights goes at a hefty premium. If you don't have a key, you can't enter the park.

Chelsea is nice. Great, fairly inexpensive restaurants, and lots of culture. It's also regarded as the gay neighborhood so be careful what health club you join unless you're very open-minded.

The general rule is that places get more expensive the closer you get to Central Park; particularly the southern end. Downtown is fairly fashionable these days so don't expect any bargains. Even Harlem and the Lower East Side is getting gentrified.

Check out the neighborhood guide at New York magazine. It can give you an idea of what the various neighborhoods are like. The real estate section there and at The New York Times can help you get a handle on how real estate works in the city.

One other thing. There are a lot of co-ops in the city. Not only do you face a co-op board who you have to convince of your worthiness, but all of them require certain income levels to even be considered. Think of the most uncomfortable physical you've ever had, then imagine an IRS audit and top it off with a psychological evaluation. That's what going before a co-op board is like. Some aren't bad, but you hear a lot of unbelievable stories about the kind of personal questions the boards ask.
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 10:28 AM
 
7,081 posts, read 23,915,559 times
Reputation: 3626
What is written above is SO NOT TRUE. I've lived in three different co-ops in the city and NEVER have I been made to feel uncomfortable in an interview. In fact, where I am now they cracked open a bottle of champagne. Having said that, however, you WILL have your finances gone over with a fine toothed comb. And co-ops are less costly than condominiums. Overall, $450,00 isn't going to get you much in Manhattan and you might want to look farther afield.
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 10:34 AM
 
Location: Warwick, NY
1,172 posts, read 4,270,535 times
Reputation: 896
Maybe not true for you. Congratulations on being so well-qualified.

What a Co-op Board Will Want to Know
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 12:10 PM
 
Location: Louisville, Kentucky
1,447 posts, read 2,947,989 times
Reputation: 805
Cold weather does not bother us and my brother lives in Florida. He has a small caretakers house (can't remember what they call it down there - we call it a mother-in-law room!) so I can visit him if it gets too bad.

One realtor had listings with not only the asking price but the eventual sale price. It seems to be in a little slump right now, and we saw several condos where the asking was over $500,000 and the final sale price was $25,000 to $35,000 less. Of course, who knows in five years.

We would give up our cars, so there will be some savings there. $3,500 was a conservative estimate and I really think it will be over $4,000-$4,500 a month. We are frugal by nature, so no problem there.

Thanks for all the help. See, I knew it! New Yorkers are helpful and friendly!
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 12:11 PM
 
Location: Louisville, Kentucky
1,447 posts, read 2,947,989 times
Reputation: 805
Quote:
Originally Posted by Jason_Els View Post
Intrusive, but you know, those questions would not bother me. Still, it helps to have your eyes open going in. Thanks!
Reply With Quote Quick reply to this message
 
Old 05-07-2007, 02:54 PM
 
Location: Louisville, Kentucky
1,447 posts, read 2,947,989 times
Reputation: 805
Quote:
Originally Posted by Jason_Els View Post
The real estate section there and at The New York Times can help you get a handle on how real estate works in the city.
OK, I already found three I love in my price range!

http://nymag.com/realestate/listings...83&sr=411&rw=6

http://nymag.com/realestate/listings...3&sr=401&rw=10

http://nymag.com/realestate/listings...83&sr=341&rw=2
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top