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i would like to see the details of any decent place in manhattan thats cheaper to buy then rent right now. im not aware of much in that catagory.
As would I! And only comparing equivalent apartments. I know in my neighborhood (Battery Park City), it would cost at least $1000-1500 more per month to own something equivalent to my current rental apartment. I could probably own a place for around the same as my current rent, but it would mean downgrading from a 900 sq ft large one bedroom to a small 600 sq ft one bedroom - something that would not at all be worth it to me. I've looked into other desirable neighborhoods in Manhattan and haven't found much out there for something of a similar size/quality that I could own for cheaper than my current rent (which is market rent, not rent controlled or anything).
As would I! And only comparing equivalent apartments. I know in my neighborhood (Battery Park City), it would cost at least $1000-1500 more per month to own something equivalent to my current rental apartment. I could probably own a place for around the same as my current rent, but it would mean downgrading from a 900 sq ft large one bedroom to a small 600 sq ft one bedroom - something that would not at all be worth it to me. I've looked into other desirable neighborhoods in Manhattan and haven't found much out there for something of a similar size/quality that I could own for cheaper than my current rent (which is market rent, not rent controlled or anything).
Why the heck would you want to buy in Battery Park City? The whole complex is sitting on an expensive land lease which drives up maintenance cost astronomically, and your buildings don't own the land it's sitting on.
i would like to see the details of any decent place in manhattan thats cheaper to buy then rent right now. im not aware of much in that catagory.
Me three. Send me the details of a nice 2-bedroom 2-bathroom apartment in Manhattan (no landlease buildings please) that is cheaper to buy than rent, and I'll put in my offer tomorrow! I don't really care that it's cheaper to buy in Jersey City than to rent in Manhattan.
I'm not saying that nobody should buy instead of renting even if buying is more expensive, I have made many decisions that do not make sense financially, but be aware of the cost of your decisions.
Why the heck would you want to buy in Battery Park City? The whole complex is sitting on an expensive land lease which drives up maintenance cost astronomically, and your buildings don't own the land it's sitting on.
I'm not planning on it & the maintenance/taxes would be one reason why. But I do like to know my options. With the price:rent ratio being so high, it wouldn't be a good financial decision for me. I'm not seriously looking to buy anything at this point, but I do look periodically to see what's out there & don't see many deals anywhere in Manhattan. If I ever did decide to buy, I'd probably move back to Brooklyn. The prices (at least in Park Slope) aren't that much cheaper than Manhattan, but at least many of the maintenance costs are lower.
i wont advise anything without details. its different each time . if your talking about people who have no choice than thats not who any of this discussion would apply to. for them its not a question of rent or buy.
i would like to see the details of any decent place in manhattan thats cheaper to buy then rent right now.
1/1 this apartment (http://www.elliman.com/new-york-city/manhattan/upper-east-side/308-east-79th-street--6h---308-owners-corp-/plxhtnm - broken link)on the UES would rent for $3600 a month or more (high floor, doorman building, new kitchen reno, nice neighborhood). Monthly carrying cost to purchase with 20% down and including maintenance: $2,986. There are many more listings like it.
Me three. Send me the details of a nice 2-bedroom 2-bathroom apartment in Manhattan (no landlease buildings please) that is cheaper to buy than rent, and I'll put in my offer tomorrow! I don't really care that it's cheaper to buy in Jersey City than to rent in Manhattan.
I'm not saying that nobody should buy instead of renting even if buying is more expensive, I have made many decisions that do not make sense financially, but be aware of the cost of your decisions.
What neighborhood are you currently living in, and what is your current rent for a 2/2? Do you live in a doorman or non-doorman building? Walk-up or elevator? What floor?
What neighborhood are you currently living in, and what is your current rent for a 2/2? Do you live in a doorman or non-doorman building? Walk-up or elevator? What floor?
Are you an agent? Midtown East, doorman, 20th floor, elevator, 1100sf, $3800.
Are you an agent? Midtown East, doorman, 20th floor, elevator, 1100sf, $3800.
I don't think you realize what a rental deal you have there, and it explains why you can't find something cheaper to buy.
You are actually currently paying $900 below market rate on your 2br. Average for a 2br is $4700.
So in your case you should continue to rent and sock away what savings you can, unless you're willing to move to Harlem where the prices for 2brs are lower.
Nope, not an agent right now, but I was many years ago.
I don't think you realize what a rental deal you have there, and it explains why you can't find something cheaper to buy.
You are actually currently paying $900 below market rate on your 2br. Average for a 2br is $4700.
So in your case you should continue to rent and sock away what savings you can, unless you're willing to move to Harlem where the prices for 2brs are lower.
Nope, not an agent right now, but I was many years ago.
I don't agree that I'm paying "$900 below market rate". $4700 might be the average published by NY Times or some real estate company, it doesn't mean that cheaper rents can't be found in the market.
Regarding the 700sf 1-bedroom you linked before saying it would rent for $3600 or more - same line, lower floor rented for $1995 in August and an 800sf apt on the 7th floor recently rented for $2950.
But again, this is not meant to say that you should not buy. If you plan to stay 10 years or more, if you want stability in your life, if you want to enjoy ownership, you find something that you like and can afford, by all means, buy and enjoy.
I don't agree that I'm paying "$900 below market rate". $4700 might be the average published by NY Times or some real estate company, it doesn't mean that cheaper rents can't be found in the market.
Regarding the 700sf 1-bedroom you linked before saying it would rent for $3600 or more - same line, lower floor rented for $1995 in August and an 800sf apt on the 7th floor recently rented for $2950.
But again, this is not meant to say that you should not buy. If you plan to stay 10 years or more, if you want stability in your life, if you want to enjoy ownership, you find something that you like and can afford, by all means, buy and enjoy.
Then you missed the other unit in the building rented above 3600/mo (not to mention others that rented for more that, which were slightly larger but in the same turnkey condition) just a few months ago- it was in similar size and condition to the one being sold (full reno)- the ones you cited were not, in fact some of those were in original condition and looked like a barnyard with stuff growing on the tiles, or they had no info on the condition at all which makes them an "unknown". You have to dig deeper to find accurate comps. Condition counts, if the apartment is in crappy condition it's not going to be able to compete with the renovated units that fetch top dollar.
Actually $4700 is from the q3 Elliman report, which pulls their numbers from miller samuel, a very reputable source and not crap like the NYT (I wouldn't wipe my butt with the NYT). Of course you can find cheaper if you're lucky and diligent, that's why "Average price" means average price. Two bedrooms in my crappy walk up in the east village rent for $4300 and they rent like hot-cakes.
You got a good deal on your apartment, be happy about it. Keep renting and sock your money away.
Last edited by Alkonost; 12-13-2011 at 10:54 PM..
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