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Old 09-10-2013, 09:17 AM
 
154 posts, read 638,717 times
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A friend is moving from Singapore to work in midtown Manhattan and has a budget of $1MM (cash) to buy a property with 3 bedrooms that is move in ready. He doesn't want to take out a mortgage and the plan is to stay for 5 to 10 years. He has 3 young kids (elementary school) so school is important to him. He wishes to drive to work since his co offers him a free parking spot. I told him traffic could be bad but his working hours should mitigate this somewhat (8 to 4). I recommended Edgewater to him because that's where I live and like it (close to NYC and school is ok) but is there anywhere else that people would recommend? Any thoughts?
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Old 09-10-2013, 09:26 AM
 
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Originally Posted by balancesheet View Post
A friend is moving from Singapore to work in midtown Manhattan and has a budget of $1MM (cash) to buy a property with 3 bedrooms and is moe in ready. He doesn't want to take out a mortgage and the plan is to stay for 5 to 10 years. He has 3 young kids (elementary school) so school is important to him. He wishes to drive to work since his co offers him a free parking spot. I told him traffic could be bad but his working hours should mitigate this somewhat (8 to 4). I recommended Edgewater to him because that's where I live and like it (close to NYC and school is ok) but is there anywhere else that people would recommend? Any thoughts?
Personally I think Edgewater is a great choice for him considering his price, children's age, public education needs, and type of real estate he is looking for. How long does he want the commute to be? If he doesn't mind long commute, moving out further, he can have plenty of other choices of family friendly, good public school district towns with good mass transit to city.

As for driving commute. I highly advise it and 8 to 4 work hour doesn't mitigate. I lived in Edgewater for 4 years, living in JC right now and I can tell you that driving as commute during rush hour (8-4 is rush hour) is horrid idea.

Toll, gas he has to pay for plus time lost driving up/down river road and traffic on river road as well as jams on bridge or tunnel...is going to be insane. He'll be far better off taking the ferry which is expensive but quick or bite the bullet and take the bush.
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Old 09-10-2013, 09:36 AM
 
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Condos on, or near, the waterfront are definitely the best option. Since he will only be here for 5-10 years taking on the bottomless pit of maintenance that is a house seems silly. Edgewater is a great option! Eleanor Van Gelder elementary is well rated and as the kids get older they will go to Leonia Public schools which are also good(not the best of the best but very good by most standards). The other schools tied to waterfront communities(specifically hoboken and JC) do not fair as well. There are awesome condos in edgewater available in that price range.
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Old 09-10-2013, 02:01 PM
 
Location: Bergen County, NJ
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Edgewater has some great options for $850K to $1mil. The location would be perfect for the family you described. There are some nice Townhouses in that area that have great views of the city.
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Old 09-10-2013, 02:58 PM
 
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Why not just live in Manhattan and send the kids to a private school?
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Old 09-10-2013, 03:14 PM
 
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$1MM for a 3BR in Manhattan is going to be pretty limiting and the places will be 1/3 of the size as Edgewater.
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Old 09-11-2013, 06:31 AM
 
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Originally Posted by babo111 View Post
Personally I think Edgewater is a great choice for him considering his price, children's age, public education needs, and type of real estate he is looking for. How long does he want the commute to be? If he doesn't mind long commute, moving out further, he can have plenty of other choices of family friendly, good public school district towns with good mass transit to city.

As for driving commute. I highly advise it and 8 to 4 work hour doesn't mitigate. I lived in Edgewater for 4 years, living in JC right now and I can tell you that driving as commute during rush hour (8-4 is rush hour) is horrid idea.

Toll, gas he has to pay for plus time lost driving up/down river road and traffic on river road as well as jams on bridge or tunnel...is going to be insane. He'll be far better off taking the ferry which is expensive but quick or bite the bullet and take the bush.
Well, I told him I have been driving to work since 2009 and it is not that bad - longest drive about 1.5 hours and fastest 20 minutes - average about 40 minutes for the 8 mile trip I would say. I generally leave home around 7:30am and leave work little after 5pm.
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Old 09-11-2013, 06:38 AM
 
154 posts, read 638,717 times
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Originally Posted by DP1987 View Post
Why not just live in Manhattan and send the kids to a private school?
I told him $1MM can probably only get him a nice two bedroom in Manhattan but unlikely a 3 bedroom. Plus private schools will be expensive and hard to get in. Although I did mention that real estate in Manhattan probably has a higher potential of value appreciation in 5 to 10 years.
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Old 09-11-2013, 08:16 AM
 
Location: NJ/NY
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Originally Posted by balancesheet View Post
I told him $1MM can probably only get him a nice two bedroom in Manhattan but unlikely a 3 bedroom. Plus private schools will be expensive and hard to get in. Although I did mention that real estate in Manhattan probably has a higher potential of value appreciation in 5 to 10 years.
More like a very small 2 bedroom. Unless he plans on living WAY uptown, that is.
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Old 09-11-2013, 08:34 AM
 
248 posts, read 637,123 times
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Quote:
Originally Posted by balancesheet View Post
I told him $1MM can probably only get him a nice two bedroom in Manhattan but unlikely a 3 bedroom. Plus private schools will be expensive and hard to get in. Although I did mention that real estate in Manhattan probably has a higher potential of value appreciation in 5 to 10 years.
My thoughts exactly. Potential for price appreciation is much higher in Manhattan.

Otherwise I don't see the rationale for buying a $1MM property for 5 to 10years. He is better off investing the money in 10yr treasuries (earn $30K) in interest and find a place to rent for $3K a month. That will be like paying 500/mo (extra 6k/yr) in rent and he'd still be preserving his capital.

5-10yr horizon is not enough for any place outside of Manhattan when you want to commute to work via a car.
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